Bitcoin Price Analysis: BTC/USD Will Set New ATH
November 17, 2020 / Analytics
The bull run continues in the Bitcoin (BTC) cryptocurrency market. The bulls have come close to the next $ 17,000 barrier. If this obstacle is overcome, the coin will rise in price to $ 18,000 by November 24.
- BTC price is fluctuating above 100 hour moving average ($ 16,258).
- A bearish trend line has formed with resistance at $ 16,700 on the hourly chart.
- Bitcoin is protected from serious losses by a powerful support zone of around $ 16,000.
The value of BTC corrected after the pump on the weekend. The price of the asset began to rise again on Monday. Buyers broke through resistance barriers at $ 16,000 and $ 16,500, therefore, the virtual currency rate reached a record high since January 2017 – $ 16,842 ( Bitstamp data).
On November 17, a large number of coins were sold, because of this, the price of the asset dropped to $ 16,546, but remained above the nearest support barrier at $ 16,500. If this barrier holds, the upward movement will continue until the next resistance barrier – $ 17,000. The rate may well be corrected to $ 16,000. However, a further drop in the value of BTC is unlikely, because the bulls have not yet reached the target.
The bullish trend line runs at an angle of almost 45 %, so the opportunity to buy coins at a low price will most likely not be presented. Judging by the chart, Bitcoin may drop in price to a maximum of $ 15,500. But, taking into account the dynamics of the change in the value of the coin in November, the correction should not exceed 5%.
Bitcoin Price Will Set A New Historical Record
The dynamics of the change in the BTC rate in 2020 resembles the situation in 2017. Like three years ago, the uptrend started in March. In November, the value of the coin flew up without any major correction. The peak value was reached in December 2017 – $ 19,263 (on the Gemini exchange). The bullish trend started at $ 938, so the value of the asset increased by almost 1900%. In the spring of 2020, BTC began to be pumped from $ 5200. Therefore, drawing an analogy, we can assume that while maintaining the rate of increase in the exchange rate, Bitcoin will rise in price to $ 104,000.
Gemini CEO Tyler Winklevoss is confident that Bitcoin’s value will rise to its highest ever recorded this year. In his opinion, the real bull run will begin after the upward impulses reach $ 3000-5000. Analyst Willie Wu agreed with Tyler’s view and noted that Bitcoin’s realized price (capitalization divided by the number of coins) continues to rise. According to him, this fact testifies to the “organic nature” of the bull rally. Much more money is being invested in BTC this year than in 2019. Thus, the increase in the rate of the coin occurs naturally, and not artificially.
- 4 hours MACD is in the bullish trend zone.
- 4 hours RSI is above 60 (in the neutral zone).
- Major Support Level – $ 16,000.
- Major Resistance Level – $ 17,000.
- The nearest pivot points are $ 15,674 and $ 17,434.