The new year just started, but as we enter the later stages of January 2020, Bitcoin price has taken a large lead over traditional markets when looking at both Gold and global S&P 500 returns.
Bitcoin price accelerated through a key level at $8,200. It seemed like a a strong resistance level when looking on the longer term scale. Historical price action shows Bitcoin now attempting to test the $9,200 levels on the upside. On the flip side, if Bitcoin price were to dip back below $8,200 levels, we would then argue the "bull trap" scenario, but as of now technicals seems to be pointing to the $9,200 test...
As we mentioned on Twitter at VF, Bitcoin performed very well in 2019, finishing the year right at +85% . The interesting thing is that one could argue Bitcoin was extremely undervalued the whole year based on MVRV ratios which have been a significant tool historically. You can see more details on our post.
Despite ICO crackdowns and bearish environments for many altcoins in 2019, the issuance of new crypto continues to grow at a ridiculous rate. +920% growth since 2015. Just goes to show how strong the Bitcoin first mover advantage has really been.