Bitcoin Still Above Its Former 2020 Highs -Not Bad So Far

Our short term Bitcoin forecast was to be careful with the ongoing consolidation which hit suddenly as broad markets started selling off on September 3. So far the picture in Bitcoin did not drastically change. But instead of focusing on the short term it is much wiser (as an investor) to focus on the bigger picture. That’s why we don’t forecast in this article, but simply look at the bigger picture in crypto (through leading indicator BTC). We do so by pulling up the unannotated Bitcoin chart.

It is so easy to get caught up in patterns, triangles, channels, trendlines, and so on.

That’s why one of the best practices we apply over here in InvestingHaven’s research team is to turn off all patterns and annotations. Just look at the naked chart, provided you get the timeframe and axes right.

Look for the obvious, always.

That said if we apply this to cryptocurrencies (crypto market trends) we need the BTC chart for 2020. The one below is the one we are talking about.

What can we observe?

  1. A beautiful bullish setup in January / February got stopped cold. It was a gorgeous uptrend, promising, but Corona created havoc.
  2. The violent crash in March.
  3. A phenomenal recovery in April.
  4. For several months BTC has gone nowhere, literally nowhere.
  5. The ‘break up’ in July was a tiny move, however an important one.
  6. Since September 3d, 2020 BTC is ABOVE its 2020 highs.

And that’s the BTC story: as long as it remains above 10,000 USD it is in great shape. It should not fall lower though.

Does BTC reflect the entire crypto market? Not really, only partially.

As said several times, and explained in great detail to our premium crypto members, the crypto market is bifurcated. Only a handful of cryptocurrencies are worth holding for the long term. BTC obviously sets the trend for all crypto, but 2020 is a ‘crypto picking’ market without any doubt.

bitcoin price chart

Disclosure: InvestingHaven was the first in the world to offer a Crypto & Blockchain Investing ...

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