Unfortunately for Bitcoin bulls, the cryptocurrency market isn’t starting 2020 off on the right foot. According to data from CoinMarketCap, the price of BTC has fallen by 3.5% in the past 24 hours, tumbling below $7,000 to trade around $6,800 for the umpteenth time in a few weeks’ time.
This latest move to trade in the $6,800s is the second leg of a decline that began on Thursday morning, when Bitcoin suddenly lost the support of $7,000 after trading above that key level through Christmas and New Year’s Day.
Despite this bearish price action, analysts are convinced that BTC is ready to bounce.
Related Reading: Ethereum is In for a Big Drop, but the Rally That Follows Could Be Massive
Why Bitcoin Price May Soon See Strong Bounce
On Tuesday, prominent cryptocurrency trader Filb Filb published the below chart to his Telegram feed, showing that he expects for Bitcoin to retrace to see a wave correction to $6,777 in the week following the date of his prediction.
The chart notes that after that correction takes place, a nearly 15% bounce could be seen that will bring BTC back to the high-$7,000s by the middle of January.
Yes, Filb Filb’s timing on the move to the $6,800s is off per the chart. However, the trader has been extremely accurate in calling the directionality of this market over recent months, calling the pop-up to $7,500 and the reversal just earlier this week. Also, Filb Filb called the move to the $6,000s in October, further adding credence to his latest forecast that Bitcoin is poised to bounce back to the $7,000s.
Secondly, the funding rate on BitMEX has begun to drift well into the negative (predicted funding is -0.0045% in ten hours), implying that a short squeeze could take place that will likely send Bitcoin back above $7,000.
And lastly, per previous reports from NewsBTC, Bitcoin’s hash rate — the measure of computational power processing BTC transactions — hit a new all-time high on the 1st day of 2020. The all-time high, 119 exahashes per second, or 119 with 18 zeroes after it.
This metric validates the idea that miner capitulation is over, and that now is a prime time to start accumulating the leading cryptocurrency before a recovery higher.
Related Reading: 2020 Will Be a Great Year for Bitcoin; These Factors Could Fuel an Insane Bull Run
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Key Takeaways
What is the main factor driving the recent sharp price decline in Bitcoin?
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