Bitcoin $ 20,000 In A Few Days – Is It Real Thing
November 9, 2020 / news
The new high of Bitcoin is $ 15,960 in 2020. The chart suggests that there is no further resistance and BTC can renew the historical high of the rate of $ 20,000 within a couple of days while keeping the current growth rate.
How likely is such a scenario or is Bitcoin facing a $ 10,000 correction? In this article, we will break down four BTC predictions made by Crypto Zombie, Tone Vays, MMCrypto, and Sunny Decree traders.
Crypto Zombie demonstrates that Bitcoin price has already tried several times to break the upper boundary of the rising channel in order to move to even faster growth. We have been in this channel since April, and it shows a classic bullish trend, where highs and lows are constantly rising. At the same time, even if now this resistance resists and we go down, the lower boundary of the channel is $ 11,000. And while we are above this price, Bitcoin continues to grow in the long term.
Crypto Zombie also notes that Bitcoin has approached the zone above $ 14,000, where previously there were actually only sales if you look at the chart by months.
But this time we have a serious advantage in the form of a record price of Bitcoin, which has been above $ 10,000 for 100 days. This has never happened in its history.
Therefore, the trader believes that the chances of going for a correction below $ 10,000 per BTC, and staying there for a long time today are very low. In support of this theory, he shows that the 200-day moving average renewed its high above $ 10,000. In 2012 and 2016, when there was a similar renewal of the 200-day moving high, Bitcoin price never returned to those levels. In addition, Bitcoin price has approached the yellow zone right now, the exit from which will be a signal for parabolic growth, as it was in 2017 and 2019.
The trader placed his sell orders because he thinks Bitcoin is at its peak. At the same time, he notes that the weekly chart of Bitcoin, with the exception of the RSI, looks very bullish and the fact that Tone decided to sell does not mean that others should do this.
According to the analysis, the monthly chart is also bullish, but it is already extremely close to the maximum price. Perhaps we will peak next month. It turns out that so far so good, but then Tony explained why he wants to sell bitcoins.
Its indicators point to the passage of the peak and subsequent decline within 24 hours, possibly a couple of days. At the same time, the price may rise close to $ 15,000, but in the trader’s opinion, there is too little FOMO in the market to go further. Therefore, he wants to sell now and then wait for a correction to the $ 12,000 area.
Chris has always been for ToTheMoon and now we will find out if his time has come. It shows that Bitcoin has passed the last resistance on its way towards $ 20,000. And if something else can stop it, then this is the most recent level at $ 14,650.
And if you use Fibonacci indicator, then Bitcoin has passed the current resistance and the next target will be $ 16,200. But it will not be so easy, because on the 4-hour chart, Bitcoin at Fibonacci levels has another resistance at $ 15,100. But there is another minus in the current rate, because trading volumes continue to decline. Therefore, Chris urges everyone who trades bitcoin to be as careful as possible. Because in order to go first to $ 15,000 and then to $ 16,000, you really need to get confirmation of growth in trading volumes.
And, of course, the forecast from Chris. It compares the current cycle to the previous one, which peaked at $ 1,000. The monthly chart shows strong overlaps between both cycles. If history develops in a similar way, then an extremely volatile month awaits us further, when the price will sharply rise and fall. But then bitcoin will refresh its current all-time high and enter a phase of parabolic growth, which could target $ 160,000.
Sunny Decree begins its analysis with the fact that the price of bitcoin is above $ 14,500. Now we are above the last resistance before $ 20,000, there are practically no trading volumes above, and bitcoin is generally in a zone where it was only a few weeks in its entire history.
But the trader believes that Bitcoin cannot go to a new high in price without a correction. Now we are at the upper border of the ascending channel, and our first guest, Crypto Zombie, also spoke about it. Thus, there is a chance that we are dealing with a false breakout and now bitcoin should walk to the lower border of the channel at $ 11,000.
But at the same time, the trader generally looks at the situation as a colossal growth in the future. He recalls that in 2017 there was a terrible FOMO, everyone wanted to buy bitcoin and the exchanges were forced to stop registering new users. But now this will not happen, and when the process starts, everyone will buy through PayPal, because the Bitcoin infrastructure has grown significantly over the past three years. This means nothing will hold back ToTheMoon.