What a year for Bitcoin it was. 2020 will be talked about in the future, just like the year of 2017, where the price of Bitcoin rose and fell. On the contrary, this year was the greatest year yet, with prices rising from a low of USD 3,800 all the way to the current all-time high of USD 28,000, making a hefty 637% from the year low of the COVID-19 drop. Will Bitcoin manage to break the USD 30,000 mark and surprise all the naysayers?
Bitcoin Price Prediction – A Very Possible Scenario
No one expected this year to see Bitcoin rising to eye the USD 30,000 price target, as the USD 20,000 was the big event of the year. When bitcoin prices managed to break the USD 10,000 mark, the trend broke its consolidation and started its uptrend journey.
Later, when the USD 20,000 mark was broken, the price just ballooned further with no real resistance in sight, as we continue to break all-time highs. Currently, the price has been on a 2-weeks crazy increase, up USD 9,200 in just 2 weeks.
For Bitcoin to reach the USD 30,000 price, it’ll need HALF the momentum it had earlier this week, only USD 2,000 left, something very easy for the price of BTC to achieve. There are still 4 days left in 2020, and Bitcoin can easily take this challenge unless the events of 2017 repeat, where prices hovered just below their 20k target only to fall back heavily and enter a bear market.
Keep your guards up – Stop Loss areas to consider
Although Bitcoin has been increasing in prices for the past weeks, it is very important to manage our risks and watch out for potential retracements. In the case of Bitcoin, the below areas represent strong retracement areas where the price of Bitcoin showed consolidation:
- USD 22,500
- USD 20,000
The Cryptocurrency market as a whole
In the past 24 hours, Bitcoin was among the best performing cryptocurrency, while most other coins were barely in the green, mostly in the red.
1- Bitcoin (BTC) : + 10.38 %
2- Ether (ETH) : + 1.70 %
3- Tether (USDT) : 0 %
4- Ripple (XRP) : – 6.83 %
5- Litecoin (LTC): + 0.88 %
6- Bitcoin Cash (BCH) : + 3.15 %
7- Cardano (ADA) : + 0.45 %
8- Binance Coin (BNB): – 0.30 %
9- Polkadot (DOT) : – 2.27 %
10- Chainlink (LINK) : – 3.91 %
Stay Ahead, Stay Updated and MERRY CHRISTMAS!
Rudy Fares
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