Bitcoin soared above $ 19,000-What do analysts say about the rise? (13.DEC.2020)
Bitcoin has again gone above $ 19,000 and could retest its recent resistance level of $ 20,000, according to analysts. 2021 will be crucial to Bitcoin’s adoption, and its price could rise to $ 50,000.
Bitcoin is back in the $ 19,000 range. Linked to the price drop, market sentiment tended to be on the Bears ‘ side. The latest move, however, analysts agree: Bitcoin is heading for an all-time high.
Currently, the price of Bitcoin (BTC) is currently at$ 19,186.69. It made a profit of 4.23% in 24 hours. (According to CMC data.) On the weekly and monthly charts, BTC recorded gains of 0.4% and 18.1%, respectively. The increase in bitcoin’s price has revived the entire crypto market, with all major cryptocurrencies in profit except XRP.
Josh Rager is one of the traders who is rising but also cautious when analysing the BTC price. In recent weeks, trader has noticed that BTC is on a higher downward trend. Therefore, he set $ 19,385 as the main target for continued bullish momentum, stating that the cryptocurrency’s behavior proved to be a “bullish market.”
Bitcoin bounced back above the trend line after another high-low in the trend. We are looking for a close over $ 19,385+. “Buy-the-dip” only works in bull markets, and apparently Bitcoin shows once again that this is a bull market.
In a similar paper, he said keeping reliable crypto-indicated support at $ 17,100 was crucial to reversing the trend. According to him, Bitcoin may try to reach $ 20,500 in the short term, as shown in the picture below, beyond its all-time high.
That’s one reason why the 17.1 k level is so important and I’ve kept my rise going from the start. The Daily closure below nullifies this secretive bull market, which is now unfolding nicely.
However, the analyst warns there could be further price falls. For less optimistic investors, such a drop could represent a good risk / reward opportunity if a long-term position of $ 18,000 is established in the medium term. Trader made a statement;
WE’LL EXCEED $ 20,000 AND WHILE THERE’S PLENTY OF FLUCTUATION, THERE WON’T BE A “BIG TURNAROUND” FOR THE $ 14-15, 000 YOU’RE LOOKING FOR. BITCOIN HAS IGNITED A GLOBAL RACE, AND IT’S JUST BEGINNING.
Centiment’s data also shows a clear bullish situation. The analysis company has seen an uptick in the downward trend in recent weeks. As he now notes, that trend is now turning again. According to the 30-day price indicator against Mvrv, BTC returned to its “undervalued” status for the first time since October 06.
Why this upward loop is different
Nicholas Merten, founder and chief executive of digifox, compared the bullish cycle in 2017 to the present and acknowledged Bitcoin’s ability to stay “very close to an all-time high.” Merten believes the current bullish cycle is different because this is due to increased buying pressure from institutions as a Chainalysis and declining sales of Bitcoin whales.
Entrepreneur Robert Kiyosaki was one of the investor personalities who revealed he had taken a long position in Bitcoin. Even Kiyosaki is risky a forecast for 2021:
I’M GLAD I BOUGHT BITCOIN. NEXT STOP, 50 GRAND. THE WALL OF CORPORATE MONEY IS COMING IN 2021. BUY FOR UNDER 20 GRAND. IF YOU MISSED BITCOIN, BUY SILVER. SILVER WILL ACT BECAUSE OF THE AOC’S YESIL NEW REGULATION. AMERICA IS IN TROUBLE. GOLD SILVER BITCOIN AND THE FUTURE FOR ENTREPRENEURS IS BRIGHT.