Analyst: Technical indicators show that Bitcoin will soar to $ 13,000 in the first two months of 2020

At present, the price of Bitcoin is still consolidating in the range of about $ 7,000. Over the past week or so, the price of bitcoin has remained flat, with only a brief rise, but then it quickly fell back. Since falling below $ 8,000 on November 21, Bitcoin has been unable to break through resistance and continue to rise. Analyst Philip Swift has compiled a series of different charts and concluded that we may be about to usher in another bull market. The first chart uses a 350-day moving average as a support test, which is the current price of Bitcoin. He added that prices above this indicator usually signaled the arrival of a bull market. However, this is not the most common technical indicator, as most analysts tend to use the weekly, daily and short-term lines of the 50 and 200 moving averages. BTC is currently well below the daily line, but maintains a 50-week moving average. Network momentum is another indicator worthy of attention, and the on-chain transaction volume may also signal the arrival of a bull market. Swift added that we are in the late stages of a bear market. He expects explosive growth in the first two months of next year, reaching a 2019 high. Bloomberg analyst Mike McGlone also said that the price of Bitcoin may return to five figures in 2020.