Two years ago, Bitcoin was approaching its all-time high following a colossal bull market throughout 2017.<\/p>\n
Just one year later, Bitcoin slumped all the way down to $3,150 at the peak of a gruelling bear market.<\/p>\n
This year is poised to be different again, with Bitcoin hovering between critical levels of support and resistance in a phase of the market that is neither bear nor bull.<\/p>\n
From a short-term perspective, the recent drop in price from $10,350 to $7,300 over the past five weeks is clearly not ideal for Bitcoin bulls, but this is nothing new.<\/p>\n
Bitcoin has been through a jaw-dropping amount of booms and busts over the past few years, and a 30% move is nowhere near as volatile as it used to be.<\/p>\n
One technical factor that will undeniably put pressure on price is the exponential moving average death cross on the daily chart, which has happened just three times since 2014.<\/p>\n
On the two previous occasions, Bitcoin slumped by more than 60%, but the market is far different now compared to previous years, with mainstream companies now taking cryptocurrency seriously as shown by Facebooks planned launch of Libra in 2020.<\/p>\n
If Bitcoin can rally to the upside and negate the current death cross, the market would enter an extremely bullish phase, although a surge of retail interest is still needed in order for Bitcoin to reach the dizzying heights of 2017.<\/p>\n
Data from Google Trends indicates that interest in Bitcoin is 87% down since 2017, with the hype and mania failing to reemerge from the previous bull market.<\/p>\n
The only feasible way to see retail investors buy back into the market would be if Bitcoin can break its all-time high of $20,000. This would suggest that another meteoric rally is on its way, but it would still need to trigger a reversal from a technical perspective.<\/p>\n
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The post Can Bitcoin surge back to $14,000 before the new year? appeared first on Coin Rivet.<\/p>\n
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