The crypto market is showing a sign of a comeback. Most crypto prices rose by more than 3% in the past 24 hours. Bitcoin specifically managed to break the price of $19,000 and is up by more than 5% during that same timeframe. However, some analysts fear that a dump might occur soon. Why is Bitcoin up? Will a Bitcoin 20K price happen soon? What’s next for Bitcoin?
Why is Bitcoin up?
The crypto market reached its bottom in mid-December and prices started to consolidate. In 2023 however, prices started to recover slowly but surely. Bitcoin prices consolidated around 17K, and started their uptrend since. Bitcoin managed to reach the current price of $19,300.
2022 was a bearish year, and prices went down significantly. An adjustment in prices higher was overdue, and 2023 is looking like a promising year already. In a previous article, we spoke about how Bitcoin established an uptrend and how prices will target the 19K-20K price area.
Bitcoin Price Prediction: Will Bitcoin reach 20K?
It is currently obvious that Bitcoin is capable of reaching 20K. If we look at figure 2 below, we can see how the 20K price was previously a strong support for Bitcoin. However, it might today turn into a resistance, and Bitcoin might retrace lower after reaching this area.
Is it GOOD to Buy Bitcoin now?
Well, the short answer to this is no. Bitcoin reaching 20K, as stated earlier, might simply mean a retracement lower. The 20K price area might act as a strong resistance. You buying Bitcoin now will mean that you’ll lose money when prices retrace lower.
That’s why it might be a good idea to wait till Bitcoin establishes above 20K and check the momentum of crypto prices in general. Only then should you think about buying Bitcoin. Of course, you’ll need to check the technicals in order to choose an entry point. Make sure to abide by the rules of becoming a successful trader.
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