January 2020 has, thus far, been an extremely bullish month for Bitcoin. Just last week, bitcoinist indicated that the current five-year trend for the month of January might be broken for Bitcoin. If you are a Bitcoin bull like me, then you would hate to imagine a scenario where Bitcoin would retrace the entire month’s gains to turn negative. Even a small -0.01% loss for the month would mean a -16% drop from the present 8500 value area. As it stands, Bitcoin is up over +18% for the month of January. These new 2-month highs that Bitcoin has been generating represent the most substantial buying pressure that traders have seen in seven months – since June 2019. Beincrypto.com reports that calls for $100k Bitcoin become more and more likely.
In the article from beincrypto.com, the author cites an analyst who’s call for $100k Bitcoin will be related to growing inflation along with the probabilities that the US Dollar will lose 1/10th of its value over the next decade. Adding to inflationary concerns are comments from David Rosenberg, shared by CCN. The economist made the point that the next recession will not be due to the same catalyst that generated the last downturn: housing. Instead, he lays out the damning evidence of US household debt being more than $16 trillion as the reason for the next recession. He wrote, ‘How about auto debt soaring 60% this cycle? With 1/3 of trade-in buyers in 2019 in a negative equity position? Different asset, same story.’
Bitcoin (BTC) $9000 next major resistance.Recessions and depression will happen – it’s a matter of when not if. And in those kinds of situations, Bitcoin becomes an invaluable asset. While Bitcoin’s price behavior is more correlated to risk-on markets like the US stock market, we have seen it react to black swan events and behave as a risk-off asset by following the same trend as gold and silver. If you can imagine an environment where people abandon equity markets en masse vis-à-vis October 2007 to March 2009, then not only will people scramble to risk-off instruments but people will still search for growth. And nothing has grown or outperformed Bitcoin in any market as Bitcoin has in the past decade.
Bitcoin (BTC) breaks above Daily Cloud.In the near term, there is some crucial resistance ahead. Cointelegraph.com indicates that the $6,600 value is the next resistance level of importance – but I disagree. As I’ve written earlier in the month after Bitcoin broke above the 3/8th Major Harmonic at 7562.13 on January 6th, 2020, Bitcoin faces three main resistance zones above the 3/8th Major Harmonic: 8192.22 (2/8th inner harmonic), 8822.31 (4/8th inner harmonic), and 9452.40 (6/8th inner harmonic). We have moved past and tested the first resistance level, the 28th inner harmonic at 8192.22. The next level is going to the most challenging level between now and the 4/8th Major Harmonic at the $10k value area – and that is the 4/8th inner harmonic at 8822.31, or roughly the $9,000. Intraday trading for January 14th, 2020, has been active, and prices have reached as high $8,590. This now puts Bitcoin in the extremely bullish condition of trading above the daily Ichimoku Cloud. This means we could see significant gains ahead and continue well into the rest of the current week.
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