{"id":384233,"date":"2019-05-29T18:00:20","date_gmt":"2019-05-29T18:00:20","guid":{"rendered":"https:\/\/wncen.com\/?p=384233"},"modified":"2024-06-11T13:43:34","modified_gmt":"2024-06-11T13:43:34","slug":"bitcoin-bulls-are-steadfast-20000-is-a-conservative-btc-target","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-bulls-are-steadfast-20000-is-a-conservative-btc-target\/","title":{"rendered":"Bitcoin Bulls are Steadfast, $20,000 Is a Conservative BTC Target"},"content":{"rendered":"<ul>\n<li><em>Bitcoin capped at $9,000<\/em><\/li>\n<li><em>Andy Cheung is bullish, expects BTC to spike to $20,000<\/em><\/li>\n<\/ul>\n<p><em>According to Andy Cheung of OkEx, Bitcoin\u2019s fair value is $20,000. In the meantime, prices are correcting and oscillating inside May 26th trade range with caps at $9,000.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<h3>Fundamental<\/h3>\n<p>After two months of a relieving rally, BTC prices are pulling back. It\u2019s nothing new. Extended gains, rallies and cool offs are typical in healthy markets, and Bitcoin is no exception. Besides, there is nothing to worry about considering significant developments and shifting sentiment in the last few years.<\/p>\n<p>A decade of resilience, FUDs, and the sphere now has deeper liquidity cushioned by a public campaign to increase awareness that is paying dividends. Since the narrative is changing, and banks are increasingly accepting the world\u2019s valuable digital asset, investors believe that <a href=\"https:\/\/wncen.com\/2019\/05\/29\/bitcoin-to-rally-by-230-into-years-end-venture-capitalist-suggests\/\" target=\"_blank\" rel=\"noopener noreferrer \">Bitcoin<\/a>, in its pure form, will play a crucial in years to come.<\/p>\n<p>Besides, changing political stands could thrust Bitcoin into the scene. Gradually, BTC will be more than a medium of exchange but a settlement layer and a store of value. Already, we can draw lessons from <a href=\"https:\/\/wncen.com\/2019\/02\/25\/bitcoin-hedge-bolivar-financial-suicide-venezuelan-economist\/\" target=\"_blank\" rel=\"noopener noreferrer \">Venezuela<\/a> where the economic turmoil did force citizens to seek refuge in the censorship-resistant Bitcoin and other alternatives as <a href=\"https:\/\/wncen.com\/2018\/10\/05\/bitgo-adds-stellar-lumens-and-dash-ceo-says-they-offer-unique-features\/\" target=\"_blank\" rel=\"noopener noreferrer \">DASH<\/a>.<\/p>\n<p>Simply because of this, Andy Cheung, head of operations at <a href=\"https:\/\/wncen.com\/2018\/10\/29\/okex-executive-amidst-calm-market-can-expect-bitcoin-to-surge\/\" target=\"_blank\" rel=\"noopener noreferrer \">OkEx<\/a> has a conservative BTC price prediction of $20,000 by the end of the year.<\/p>\n<h3>Candlestick Arrangement<\/h3>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-384227\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-Daily-Chart-May-29.png?resize=1280%2C1024\" alt=\"Bitcoin BTC\" width=\"1280\" height=\"1024\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-Daily-Chart-May-29.png?w=1280 1280w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-Daily-Chart-May-29.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-Daily-Chart-May-29.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-Daily-Chart-May-29.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-Daily-Chart-May-29.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/Bitcoin-Daily-Chart-May-29.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<p>At the time of writing, BTC is up 9.5 percent week-to-date. In a bullish breakout pattern, buyers are in charge. However, from the chart, it appears as if there is a cool-off. Technically, this is a correction, but it largely depends on whether $8,500 will hold.<\/p>\n<p>The level is previous resistance, now support, and in a trend continuation, it is vital for bulls to flow back and reverse yesterday\u2019s losses. Therefore, that means a rally past May 27th high lifting prices towards $9,000. Inevitably, such a move would rekindle bulls, and as laid out in previous <a href=\"https:\/\/wncen.com\/2019\/05\/23\/bitcoin-btc-will-easily-recover-ahead-of-halving-manager-confident\/\" target=\"_blank\" rel=\"noopener noreferrer \">BTC\/USD plans<\/a>, the path to $10,000 should be clear to the delight of traders.<\/p>\n<p>On the flip side, should bears press lower confirming the three-bar bear reversal pattern of May 26<sup>th<\/sup>\u00a0 through to 28<sup>th<\/sup> , wiping out gains of May 28<sup>th<\/sup> , BTC may end up sliding to $7,500 or lower.<\/p>\n<h2>Technical Indicator<\/h2>\n<p>In light of the above, May 26<sup>th<\/sup> candlestick is the reference bar. In spite of low trading volumes of 19k, the bar guides this trade plan. Any move above May 27<sup>th<\/sup> high or accelerating any correction below $7,500 should ideally be with high trading volumes exceeding 19k.<\/p>\n<p><a href=\"https:\/\/www.tradingview.com\/\" rel=\"nofollow\"><strong><em>Chart<\/em><\/strong><\/a><strong><em> courtesy of Trading View. Image Courtesy of Shutterstock<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin capped at $9,000 Andy Cheung is bullish, expects BTC to spike to $20,000 According to Andy Cheung of OkEx, Bitcoin\u2019s fair value is $20,000. In the meantime, prices are correcting and oscillating inside May 26th trade range with caps at $9,000. Bitcoin Price Analysis Fundamental After two months of a relieving rally, BTC prices are pulling back. It\u2019s nothing new. Extended gains, rallies and cool offs are typical in healthy markets, and Bitcoin is no exception. Besides, there is nothing to worry about considering significant developments and shifting sentiment in the last few years. A decade of resilience, FUDs, and the sphere now has deeper liquidity cushioned by a public campaign to increase awareness that is paying dividends. Since the narrative is changing, and banks are increasingly accepting the world\u2019s valuable digital asset, investors believe that Bitcoin, in its pure form, will play a crucial in years to come. Besides, changing political stands could thrust Bitcoin into the scene. Gradually, BTC will be more than a medium of exchange but a settlement layer and a store of value. Already, we can draw lessons from Venezuela where the economic turmoil did force citizens to seek refuge in the censorship-resistant Bitcoin and other alternatives as DASH. Simply because of this, Andy Cheung, head of operations at OkEx has a conservative BTC price prediction of $20,000 by the end of the year. Candlestick Arrangement At the time of writing, BTC is up 9.5 percent week-to-date. In a bullish breakout pattern, buyers are in charge. However, from the chart, it appears as if there is a cool-off. Technically, this is a correction, but it largely depends on whether $8,500 will hold. The level is previous resistance, now support, and in a trend continuation, it is vital for bulls to flow back and reverse yesterday\u2019s losses. Therefore, that means a rally past May 27th high lifting prices towards $9,000. Inevitably, such a move would rekindle bulls, and as laid out in previous BTC\/USD plans, the path to $10,000 should be clear to the delight of traders. On the flip side, should bears press lower confirming the three-bar bear reversal pattern of May 26th\u00a0 through to 28th , wiping out gains of May 28th , BTC may end up sliding to $7,500 or lower. Technical Indicator In light of the above, May 26th candlestick is the reference bar. In spite of low trading volumes of 19k, the bar guides this trade plan. Any move above May 27th high or accelerating any correction below $7,500 should ideally be with high trading volumes exceeding 19k. Chart courtesy of Trading View. Image Courtesy of Shutterstock<\/p>\n","protected":false},"author":384,"featured_media":382628,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-384233","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Bulls are Steadfast, $20,000 Is a Conservative BTC Target<\/title>\n<meta name=\"description\" content=\"Bitcoin capped at $9,000 Andy Cheung is bullish, expects BTC to spike to $20,000 According to Andy Cheung of OkEx, Bitcoin\u2019s fair value is $20,000. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/wncen.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Bulls are Steadfast, $20,000 Is a Conservative BTC Target","url":"http:\/\/wncen.com\/news\/bitcoin-bulls-are-steadfast-20000-is-a-conservative-btc-target\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-bulls-are-steadfast-20000-is-a-conservative-btc-target\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/shutterstock_1025192368.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/shutterstock_1025192368.jpg?fit=1000%2C667"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc"],"dateCreated":"2019-05-29T18:00:20Z","datePublished":"2019-05-29T18:00:20Z","dateModified":"2024-06-11T13:43:34Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Bulls are Steadfast, $20,000 Is a Conservative BTC Target\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-bulls-are-steadfast-20000-is-a-conservative-btc-target\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-bulls-are-steadfast-20000-is-a-conservative-btc-target\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2019\\\/05\\\/shutterstock_1025192368.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2019\\\/05\\\/shutterstock_1025192368.jpg?fit=1000%2C667\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\"],\"dateCreated\":\"2019-05-29T18:00:20Z\",\"datePublished\":\"2019-05-29T18:00:20Z\",\"dateModified\":\"2024-06-11T13:43:34Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/shutterstock_1025192368.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/384233"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=384233"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/384233\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/382628"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=384233"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=384233"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=384233"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}