A peek into Bitcoin’s month’s end analysis — how did Bitcoin perform throughout January 2020?
Innovation in the Bitcoin network creates a more attractive platform for better currency performance. Bitcoin is the king of the crypto industry and has faced fluctuations in its network over the last 10 years. Since the first month of 2020 is coming to an end, it is a mandatory task to discuss the price status of bitcoin. As a result, the price of bitcoin is flying under a moderate range, but we could expect some huge price flow in the coming months.
A lot of reason is responsible for accelerating the Bitcoin price, but the next few months will bring significant price movements. Bitcoin has been expected by the world-famous Bitcoin enthusiast John MacAfee. His expectation, quite serious and beyond range, that the price could be more than one million. Current price growth rates do not seem to fit the truth of the prediction. Okay, now we need to reflect on how bitcoin was behaving this month? The debate will open a clear path, whether the price should rise or fall for the next month.
Still, some prediction will not dissolve in reality, and the event will always affect the price fluctuations of bitcoin. Now you should have noticed that the price of Bitcoin was above $7,200 and after hours it was stable, but the price went down to $6,918. That was the low price rate of the month. Later, the first week of January 2020 the Bitcoin price was rising. It almost hit $7,769 at the end of the first week. This grew from $6,918 to $7769, i.e. the low price of the week to the high price by almost 12%.
The price growth status for the next week was similar to the previous week, but the start of the second week was surprisingly high. It was over $8,380 at the top. The level did not last long, though, and it fell until it hit $7,746. Now if we could see how quickly the market had increased in shape from week to week, we might conclude that the price had risen by around 4.8 per cent. The week ended at a price of $8,782.
In the third week of January, the price was over $8,700. Since the beginning of the mark, only upward moves have been shown until 19 January. As predicted, the Chinese New Year’s price suddenly collapsed, marking a low price of $8,650. Over two days, though, it was steady at $8,600. The high price of the week was $9,163, which seemed to be a major winner for traders. And then comes the week’s low rate, which was reported at $8,579. Let’s see how the price has accelerated this week. From the starting price of $8,735 to the closing price of $8,638, bitcoin did not fluctuate much in the third week. Only a 1.11% decrease in price has been recorded.
The fourth and last week of this month began with a mark of around $8,600. From the outset, the growth rate seemed to be continuously high. With the plunge existence of the map, the price is only increasing. The price went beyond $9,500 this week. The week started with $8,636 and the end of the month could be expected to be $9,500. However, the recent price of around $9,300 may rise in a matter of hours. Now we could predict this week’s growth percentage at an estimated amount. It’s almost 10%, which is mirrored in the price chart.
As January reaches the calendar, experts predicted that the price would be big. As predicted, the opening price for the first month was $7,200. BTC’s price is now rising to $9,300. The price has increased to $2,100. The rate of production is phenomenal. At almost 30% of the growth rate, Bitcoin has again become the object of attraction.
When Bitcoin is expected to earn 30% of the exchange average for each month, then next month the price will reach $12,000 and by March the price range will also surpass 17,000. And it’s not going to be too late for the $20,000 mark to pass by June.
However, these are all digits and some rough calculations. The key problem is that if we research cryptocurrencies, then anything might happen. This means that the price may hit 20,000 dollars by the end of February or that it may also slip from the current position.
Nonetheless, since it is BTC, we are hoping for a better future. The majority of companies buy BTC as their payment system and also invent new strategies for a better cryptographic environment. We are seeing a major revolt at the end of the month, so the phenomenon could be expected to continue in the following month. February may also reflect the positive upward movement of bitcoin.
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