After a strong uptrend, Bitcoin has seen a stall in its momentum. In fact, after reaching its all-time high price of USD 19,910 just 2 days ago, prices took a breather and adjusted back to previous levels. Bitcoin seems to be leading the cryptocurrency wave, and that’s only natural, given the fact that Bitcoin still has a dominance of 62.3%. Will Bitcoin be able to reach the long-awaited price of USD 20,000? And if so, when will this happen specifically?
Bitcoin Technical Analysis
Bitcoin’s price action has been squeezing between a new channel, which seems to be steadily going up (Fig.1). Recent developments in the cryptocurrency markets are playing major roles in market growth. When the price of Bitcoin was going up, everyone was interested in the development of the Blockchain infrastructure, and in the adoption by masses or financial institutions.
Today, everyone seems so distracted by the fact that Bitcoin is about to reach the major Psychological price of USD 20,000. Several crypto websites already started doing competitions with prize pools for people who correctly estimate when will BTC reach 20k USD.
This push itself might turn into a major element that will drive the price to 20k, but a lack of strong fundamentals might cause the price to weaken in the long term, causing another short-term bearish trend.
Bitcoin Price Prediction – When will we reach USD 20k?
Big crypto websites are holding events including prize pools for users who correctly predict the date and time when BTC will reach 20k. This is currently the major talk of the community.
If we look at Figure 3, we can almost estimate three scenarios:
- Best Case (Green): It’s NEXT WEEK, and that’s taking into consideration that when proper high volatility happens in the market, the price of BTC is able to increase easily by 1k USD per day.
- Normal Case (Yellow): Around 16 December 2020, taking into consideration a small correction in prices towards USD 18,300
- Worst Case (Blue): Never…Okay kidding, sometime around the first 2 weeks of January 2021. This happened exactly 2 years ago when the “Big crash” happened after reaching an ATH, being blamed by the Chinese new year event.
In all cases, Traders and Investors should take into consideration the below support levels, as in case of any price breakout, a potential short-term bear is in place.
- USD 18,800
- USD 18,300
- USD 16,300
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Rudy Fares
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