One of the most popular cryptocurrency analysts out there is in the Bitcoin Cash news today for stating that the coin could rise by 80% in the first half of 2020. DonAlt is the technical analyst who sees BCH generating a 80% run and discussing the bullish prospects of the fifth largest blockchain project by market cap.
As he revealed in a post on Twitter, the BCH-to-dollar exchange is expected to hit $380 in 2020, revealing that he would open a long position towards the said upside target.
This is starting to look very promising.
I'm bullish, long and expecting quite a bit higher. pic.twitter.com/qpplId7O0s— DonAlt (@DonAlt) January 3, 2020
These statements also followed BCH’s impressive gains in the spot market during the Friday session. This was when the cryptocurrency soared up to 11.11% or $21.66 as the US killed a top Iranian military official. All of these events sent investors looking for haven assets, pushing the prices of gold and oil higher.
The upside sentiment also crept into the crypto market. As the technical analyst summed up, eight hours after the US attack the Bitcoin price registered 6% gains. As it appears now, other altcoins merely tailed Bitcoin – and the forked Bitcoin Cash (BCH) has been bringing maximum profits home.
DonAlt also noted that Bitcoin Cash could attract a considerable capital from the neighbouring Bitcoin markets. He noted that the BCH to BTC exchange rate is forming an inverse head and shoulder pattern on the daily charts. Traditionally, he thinks this is a sign of a bearish reversal.
As the technical analyst summed up, the trade should play out like the following….A break above the red neckline will signal a sharp move higher confirmed by a spike in volume. The ideal bullish target for a jump is equal to the distance between the inverse bottom and neckline.
Considering that the red neckline is coinciding with the 0.029 BTC level, the ideal upside target for long positions is around 0.032 BTC. As the technical analyst said in today’s cryptonews:
“The BCH/BTC chart is an absolute beauty.”
Meanwhile, another market analyst named Beastlyorion in November predicted that Bitcoin’s dominance could break below 66%. If this happens, he added that traders would exchange their Bitcoin (BTC) holdings for altcoins.
Other analysts think that Bitcoin will be even more dominant in the long-term and eat out the market cap of altcoins. The involvement of Wall Street firms like Fidelity and Bakkt in the market has already ramped up the scenario.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post