Without a Push Above $8,000, Bitcoin Likely to End Year on a Bearish Note

2019 has been a rough year for the crypto markets, with Bitcoin’s price action and the overall industry development gravely disappointing . BTC is poised to end the year up significantly from where it ended last year, but it does remain in a precarious position.

It is also important to note that one analyst is claiming that there is currently a key price level that Bitcoin must end the year above if it is to incur any further gains, and it does appear that BTC is likely to end 2019 on a bearish note.

The End of the Year is Historically a Volatile Time for Bitcoin 

Currently, Bitcoin is trading up marginally at its current price of $7,350, and it has incurred significantly bearish momentum over the past few weeks after retracing all of the gains that were incurred in late-October when it to highs of $10,600.

Although there is still a month left in 2019, the present lack of any bullish momentum likely signals that BTC will end the year on a slightly bearish note.

There is still time, however, for bulls to step up and push the crypto higher, as the last few weeks of the year are historically a volatile time for BTC and the aggregated crypto markets.

In 2017, December was a wild month in which Bitcoin hit highs of nearly-$20,000 before retracing and fueling a massive bull rally amongst altcoins.

In the final months of 2018, Bitcoin incurred a significant amount of selling pressure that led it to drop as low as $3,200, which was subsequently followed by a bout of decent upwards momentum throughout the first half of 2019.

Analyst: BTC Needs to Break Above $8,000 for End of Year Rally to Ensue

Mati Greenspan, the founder of Quantum Economics, spoke about this in a recent note, explaining that a failure for BTC to decisively move above $8,000 could mean that it will end the year on a bearish note, but also that a break above this level could potentially lead to a surge up to $14,000.

“My conviction level has come down quite a bit. Particularly, as the continuation and strong breakout has yet to develop… Still, nothing changes sentiment like price and a strong push above $8,000 at this point could very easily pave the way to the recent highs near $14,000,” he explained.

How Bitcoin ends the year will likely offer significant insight into how positive 2020 will be for BTC and the aggregated crypto markets, with any further near-term bearishness potentially signaling that the ongoing crypto winter will extend significantly further.

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