Bitcoin has entered another tight consolidation pattern after falling from its late-October surge, at the back of Chinese-media hype. As we indicated earlier, the speculation fueled rise was not sustainable and resulted in the price dropping below the $9,000 and $8,000 levels without a fight.


Since the September drop from $10,000, we maintained that a test of the $6,000 range was a real possibility, and Bitcoin traded as low as $6,550 on November 25, before bouncing back.

However, thinning volumes, coupled with the holiday season, have prevented any sustained recovery, and for now, the price is trading around the weak support at $7,000, awaiting a market catalyst. Meanwhile, strong resistance levels are visible at $8,000 and $9,000, coinciding with the 50-day and 150-day moving averages, at $8,200 and $9,200 respectively.

From a medium to long-term perspective, potential Bitcoin buyers can take positions at current levels, leaving room for further buying at lower prices to average down their total cost. However, short-term traders should exercise caution, because thinning volumes make price action vulnerable to large spikes and drops due to whale activity including market manipulation.

The next year appears promising for Bitcoin and digital assets in general. We expect further regulatory clarity, especially due to the ongoing debate around central bank issued digital currencies.

Moreover, Bitcoin’s halvening is also expected around May 2020, which is an event that has historically driven the price higher. Currently, around 1,800 new Bitcoins are created every day in the shape of mining rewards, and this number will be reduced by half after the halvening, effectively curbing the supply while demand is expected to stay the same or increase.

We remain bullish on Bitcoin as a long-term investment, and a recent report by Deutsche Bank backs this view, citing cracks in the existing financial system and fiat currencies as door openers for the adoption of alternative digital currencies in the next decade.

Bitcoin remains a major part of our investment portfolio, especially in our Opportunistic Fund, which, due to our active management strategies, was up 29% in 2018, when the entire crypto market was in a decline. You can learn more about our strategies here, or contact us for details about our funds and their performance.

[grwebform url=”″ css=”on” center=”off” center_margin=”200″/]


As of the publication date of this report, BitBull Capital Management LLC and its affiliates (collectively “BitBull”), others that contributed research to this report and others that we have shared our research with (collectively, the “Investors”) may have long or short positions in and may own options on the token of the project covered herein and stand to realize gains in the event that the price of the token increases or decreases. Following publication of the report, the Investors may transact in the tokens of the project covered herein. All content in this report represent the opinions of BitBull. BitBull has obtained all information herein from sources they believe to be accurate and reliable. However, such information is presented “as is,” without warranty of any kind – whether express or implied.

This document is for informational purposes only and is not intended as an official confirmation of any transaction. All market prices, data and other information are not warranted as to completeness or accuracy, are based upon selected public market data, and reflect prevailing conditions and BitBull’s views as of this date, all of which are accordingly subject to change without notice. BitBull has no obligation to continue offering reports regarding the project. Reports are prepared as of the date(s) indicated and may become unreliable because of subsequent market or economic circumstances.

Any investment involves substantial risks, including, but not limited to, pricing volatility, inadequate liquidity, and the potential complete loss of principal. This report’s estimated fundamental value only represents a best efforts estimate of the potential fundamental valuation of a specific token, and is not expressed as, or implied as, assessments of the quality of a token, a summary of past performance, or an actionable investment strategy for an investor.

This document does not in any way constitute an offer or solicitation of an offer to buy or sell any investment or token discussed herein.

The information contained in this document may include, or incorporate by reference, forward-looking statements, which would include any statements that are not statements of historical fact. These forward-looking statements may turn out to be wrong and can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and other factors, most of which are beyond BitBull’s control. Investors should conduct independent due diligence, with assistance from professional financial, legal and tax experts, on all tokens discussed in this document and develop a stand-alone judgment of the relevant markets prior to making any investment decision.