My short term prediction (coming weeks)

Since mid-December last year Bitcoin entered a bearish channel, the orange channel on my chart. We see a couple of sharp drops below the lower band of the channel, but each time the price recovered even more sharply. There was a large selloff going on in the first week of February with extreme selling pressure on high volume on February 6th. I think Bitcoin set a long term bottom at $5920 on this day. I don't expect Bitcoin will ever go below this price again, but no one knows for sure of course. It's just my opinion, no trading advice ;-)

After February 6 we hade a huge rally were the price of Bitcoin doubled to the upper band of the bearish channel. Thereafter, sellers took control in the market again and the price dropped to higher low of $6427 in the first week of April. The Bitcoin bulls tried it again, but failed to break the psychological level of $10,000. Although the price broke the upper band of the bearish trend the bulls didn't manage to set a higher high yet. The good news is sellers didn't manage to set a lower low as well. The bears tested both the upper band of the bearish channel (upper orange line) and the lower band of the uptrend (lower blue line) on the same day, May 29.

If buyers can take control in the market again in the coming days/weeks, I think the first hurdle is the red line in my chart at around $9000. The next resistance is $10,300. It would not surprise me if we are going to test $10,000 again at the end of this month or early July.

My long term prediction (coming months and years)

My chart above is a monthly chart using a logarithmic scale. Bitcoin has actually never been in a bearish territory since its inception. It's a wild and crazy market so bloody corrections are part of it. The dotted middle line is the average Bitcoin price I expect in the months and years ahead. We could even see a drop to the blue line at around $5,000 to remain in a bull trend. The price surge to $20,000 was just insane. A correction was necessary. A lot is possible on this chart, but when we enter the year 2020 I expect a price somewhere between $10,000 (In my worst case scenario) and $120,000 (If the market goes crazy again). I think $35,000 is very realistic if we just follow the dotted middle line. The dotted line at the end of this year marks a price of around $14,300.

Let me know your thoughts...

_{Disclaimer: This is just my opinion. No trading advice.}