The number 1 ranked cryptocurrency has done it again, establishing a new all-time high above $29,000 for the first time ever and targeting the long-awaited $30,000 level. Bitcoin price looks unstoppable and continues climbing despite XRP getting sued by the SEC and Coinbase receiving a lawsuit by the Californian Federal Court.
Bitcoin’s total market capitalization has reached $537 billion and it’s getting closer to beating the last total all-time high mcap of the entire market at $831 in January 2018.
Bitcoin Price Analysis: BTC looks unstoppable
On the 1-hour chart, Bitcoin price remains above the 12-EMA and the 26-EMA which have served as a guide for the bulls on the way up. The loss of the 12-EMA would be notable, but as long as the bulls can defend the 26-EMA, the uptrend will continue.
BTC/USD 1-hour chart – TradingView
The RSI is, of course, overextended, but this isn’t an accurate indicator right now. Obviously, there is no resistance ahead as these levels have never been seen before. Now it’s purely demand vs supply and it seems demand is winning.
The next price target is $30,000 which is a deep psychological level that if broken by the end of 2020 would be notable.
When is Bitcoin Price Going to see a Pullback?
Even if you are a long-term holder, it’s important to realize that Bitcoin is up by 60% in the last month alone and a pullback should be expected. Looking at the daily chart, the 12-EMA which is currently located at $26,000 would be the nearest bearish price target.
BTC/USD daily chart – TradingView
The most critical support level is the 26-EMA which has been held as a support level since October 2020. This means that a pullback down to $23,500 should be considered healthy if it were to happen within the next week.
Of course, the bulls would like to see $30,000 cracked and continuation from there, but no asset can go up indefinitely. However, the United States $2,000 stimulus could arrive soon which is usually seen as a positive factor for the cryptocurrency market, perhaps pushing Bitcoin up to $30,000 by the end of 2020.
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