Since Bitcoin bounced from $7.5K to reach $9K towards the end of October, the digital asset has stagnated. Strong resistance has been the $9.5K position. This crucial level could open up the next wave of gains, quickly seeing Bitcoin climb above $10K or see the asset crash again. Now with only two months to go to the end of the year, no one really knows how strong or weak the market ends it.
For altcoins, time is running out. With Bitcoin garnering strong support and setting higher highs and lows, the alt season looks unlikely in the remaining weeks. Bitcoin, on the other hand, is poised for a strong end. This is despite the recent bullish sentiment that saw Bitcoin climb above $9K seeming to weaken.
Overall, 2019 has been a strong year for Bitcoin. This is especially compared to 2018 when Bitcoin dipped to as low as mid $3K. This year alone, the digital asset has recorded gains of over 140%.
But many holders are calling for even greater gains. For many, the best position to end the year would be $16K, just $4K shy of the all-time high. This move remains feasible as Bitcoin can easily surge and double its price. This was evident a few weeks ago when it rallied by more than 40% in just a day.
Bitcoin Bulls Need To Rally Soon Before Prices Dip Below $9K
Over the last few months, a number of supports have been crucial to ensuring the bullish trends persist. Equally, these supports ensure that the price does not fall to certain lows. One as such is the $9K support which is currently in play. At current levels, Bitcoin risks dropping below this level after several failed rallies to get above the $9.5K resistance.
The bulls need to trigger a strong rally soon to get prices rallying again and to break above the $9.5K resistance. If prices continue stalling at the $9K position, the bulls risk seeing a dip that pulls Bitcoin to $8.5K. The $8.8K position will be the first support test, followed by $8.5K.
Investors are still confident that Bitcoin will end the year strong and for many, an end above the year high of $13K is acceptable and yet conservative going into 2020.