on the crypto
Bitcoin's price action was far from exciting in the last few weeks of the year. Since the end of October, the number one cryptocurrency has lost almost 30% of its value. The slow decline with a couple of rebounds has frustrated both the "bulls" and the "bears".
It's almost the same story for other cryptocurrencies. Sure, a handful of gems or small crypto on the market have popped up, but the majors have been disappointing. After a strong first half of 2019, many currencies such as Litecoin (LTC / USD) and Ethereum (ETH / USD) have yielded their profit.
However, a widely followed trader named Bitcoin Macro says 2020 will not be the same. It would be a year that changes people's lives.
Bitcoin Macro: "Life-changing profits will be made!"
2019 was a difficult year for most HODLers. Earlier this year, Bitcoin showed tremendous strength as it climbed from $ 3.000 to around $ 14.000. Unfortunately, the bulls failed to sustain the climb. Gravity has sucked the dominant cryptocurrency on Earth.
But Bitcoin wasn't going alone. Cryptocurrency number one eliminated most altcoins.
According to Bitcoin Macro, the accumulation time is almost over. 2020 is the year in which encryption would finally wake up. In that case, lives would have changed.
Other analysts agree that Bitcoin will do better next year
I asked around to see if other leading Crypto Twitter (CT) analysts share the same sentiment. I was surprised to hear that some traders are bullish on Bitcoins. They believe the biggest cryptocurrency will launch an upward race next year.
Benjamin Blunts believes that Bitcoin will end up reaching the bottom next year. The analyst told CCN: "I think we are likely to see a fund in Bitcoin next year, probably around the $ 6.000 level."
The trader added: "However, a bull trap of up to $ 8.000 initially seems logical."
Nick Hellman, echoes Blunts' feelings. The analyst also sees the main cryptocurrency plummet to a low of $ 6.000 before printing a new all-time high next year. He said: "I have no doubt that 2020 will be the year of Bitcoin and the new historical high!"
Scott Melker, AKA The Wolf of All Streets, also believes that the bulls will control 2020. But the analyst does not share Nick Hellman's energy and optimism. Scott Melker told CCN: "[Bitcoin will start] a new bull market, but I can't predict the future."
Altcoin highly correlated with Bitcoin
In cryptocurrency, Bitcoin is the tide that raises or drowns boats. Where cryptocurrency number one goes, practically all cryptocurrencies follow. If the main cryptocurrency has a bullish 2020, I expect other currencies such as Ethereum and Litecoin to follow suit.
Other large-cap coins such as Ethereum, Litecoin, Ripple, Binance Coin, Bitcoin Cash, EOS and BSV also have a score between 0,6 and 0,8. In other words, these coins have a strong positive correlation with Bitcoin. This means that the momentum of Bitcoin can dictate the trend of these coins.
If Bitcoin Macro's predictions are correct, 2020 would really be an amazing year for cryptocurrencies.
