Bitcoin Bull Market is Here But Will Not Top $100K in 2020 Says Trader

Bitcoin price (BTC) is holding around $9,445 after some impressive growth over the last few weeks. But is this the penultimate Bitcoin bull market that has been anticipated since the bear market ripped through traders emotions in 2018 and 2019, or is this another false rally that will leave hodlers disappointed and confused?

Let’s take a look at the charts to find out!

Daily crypto market performance. Source: Coin360.com

The monthly flip 

BTC USD monthly chart. Source: TradingView

In my Jan. 12 analysis I wrote that my greatest concern was the bearish nature of the monthly chart. At the time the moving average divergence convergence (MACD) indicator was sitting on its first red candle of the MACD histogram, however, all other major time frames such as the weekly and daily were looking bullish.  

Despite these concerns, I made a case that a new bull market could be ushered in, should the price hold above $8,500 over a period of around 2-3 weeks, as this would inherently change the…