Bitcoin Price Loses Momentum, Less likely to Reach $20K in 2020

According to the Bitcoin option market, where traders can buy or sell digital assets over a specific period of time at a predetermined price, it predicts that Bitcoin has fewer chances to cross the 20K mark in 2020. The options market, mainly dominated by Deribit and CME, reveals that there is only a 9% probability of Bitcoin reach to its all-time high at $20,000 in the year 2020. This statement comes as a shock to the crypto community, who is eagerly waiting to see BTC price cross 10K resistance and move towards its all-time high price.

Considering the price pattern of Bitcoin in the past years after halving the event, the traders are more cautious about bidding in a mid-short term. The previous halving has resulted in pushing bitcoin price up to 10X after a few months of this event.

Bitcoin is Bullish in the short term

Currently, the bitcoin is seemingly bullish, and the technical parameters and buy-sell pattern of traders show that most of the crypto investors are optimistic about bullish movement in bitcoin prices in the near future. Currently, the number of buyers has surpassed the number of sellers by a significant percentage. The current market sentiment reveals that buyers are still in the market and attempting to accumulate as many as bitcoin before it breaks into a full-blown bull run.

bitcoin bullish
PC: tradingview

Inverse Pattern in Long term

The options traders are sort of conventional buyers and sellers. Given the extreme volatility of the Bitcoin price, they are not willing to trade in the long term. Furthermore, as observed, bitcoin price follows a cyclic pattern, and after reaching this year high if it manage to breaks the 10K resistance, the crypto market may see an extended period of a bearish trend after making some considerable gain. Taking this into account, the traders are not optimistic about completing this cycle by the end of this year; hence, the all-time high price of $20,000 seems unlikely before December.

Despite this information shared by the Bitcoin options market, the crypto space is pretty bullish about bitcoin price, and many prominent analysts have forecasted that bitcoin would break its all-time high price by the end of the 4th quarter of this year. The recently formed a golden cross and weekly MACD indicates towards the upcoming bull run. Also, it has been observed in the past that breaking a resistance after numerous rejection has skyrocket the cryptocurrency price. Currently, bitcoin has attempted to break the 10K resistance a few times; if it breaks this sea wall in the coming month, a massive bull run may follow.