Bitcoin stabilizes above 7500$ level amid optimism for 2020

Over the past few days, Bitcoin has managed to gain momentum again, surpassing the $7,500 level on its way to the next psychological support level of $8,000. And in an unstable situation, as it already started above $7000, and after two days the selling increased and the currency fell below the psychological support level of $7000 to trade in the $6500 range.

Despite this, analysts believe XM Arabia There are many factors that point to the possibility that the end of 2020 will be great for cryptocurrency, but still other analysts believe that the crypto industry will see more ups and downs in the long run.

In the last two weeks of last year, Bitcoin faced insurmountable and short-lived selling pressure, which was eventually followed by a strong bounce that represented a continuation of the upward trend just above the $7,000 level.

 

Bitcoin Hedging Tool

Bitcoin

Bitcoin

In the wake of a US drone strike on Baghdad International Airport directly ordered by President Trump that killed a top general in Iran, bitcoin has begun to soar, posting gains of more than $400 in a matter of minutes, some believe. Bitcoin is linked to the geopolitical tensions between the United States and Iran that have escalated in an unprecedented manner, which may prove that Bitcoin is used as a hedge.

Others argue that the spike is just the currency maintaining the current momentum and growing on small spurts, which are likely to be better for Bitcoin in the long run.

Bitcoin's performance 2019 And what is expected in 2020

The cryptocurrency gained about 87% over the course of 2019, and about six months ago, Bitcoin recorded the largest rise, recording a gain of about 282% at that time, but on July 11, the coin fell, recording the largest daily drop of more than 10%, following criticism from US lawmakers of the Libra coin. announced by Facebook.

In the first half of 2019, the bitcoin price rose from $3,400 to around $13,000, hitting its highest level since January 2018. This bitcoin boom was followed by the growth of many other major cryptocurrencies, but in the second half of the year the mood took hold. Bitcoin was bearish to end the year, maintaining the $7,000 level.

2020 is great for bitcoin, we will likely see bitcoin stay in bullish territory in the coming weeks but steadily and slowly.

Although the currency is expected to see some decline in the short term, the medium term outlook remains incredibly bullish.

Many are wondering whether the upcoming presidential election year and the much-anticipated halving (scheduled for mid-May) will lead to another year of dismal crashes for the world's first cryptocurrency or massive spikes.

Mohamed Abdel Khaleq
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