- Bitcoin has moved above $19,000 again and could retest the last resistance level of $20,000, according to analysts.
- 2021 will be crucial for the adoption of Bitcoin, wile its price could rise to $50,000.
Bitcoin has returned to the $19,000 range. In conjunction with the price drop, the market sentiment tended to side with the bears. However, the most recent move has analysts agreeing: Bitcoin is moving towards a new all-time high.
At the time of publication, Bitcoin’s price stands at $19,313 with a 4.23% profit in the last 24 hours. In the weekly and monthly charts, BTC record a gain of 0.4% and 18.1% respectively. The increase in Bitcoin’s price has boosted the entire crypto market, all major cryptocurrencies are in profit except XRP.
Josh Rager is one of the traders who was bullish but also cautious when analyzing the BTC price. In recent weeks, the trader has noticed that BTC is moving in a trend of higher lows. For this reason, he has set $19.385 as a key target for the continuation of the bullish momentum, stating that the cryptocurrency’s behavior proves that “this is a bullish market.”
Bitcoin back above the meme trend line after yet another higher-low on the trend. Looking for a close back above $19,385+. “Buy-the-dip” only works in bull markets and apparently, Bitcoin is showing yet again that this is a bull market.
In a similar tone, Credible Crypto indicated that maintaining support at $17,100 was crucial to reversing the trend. According to him, Bitcoin could try to push the resistance beyond its all-time high to reach $20,500 in the short term, as shown in the image below.
This is why the 17.1k level was so important and one reason why I have maintained my bullishness throughout. Closing the daily below it would have invalidated this hidden bullish div which is now playing out beautifully.
However, Credible Crypto is warning that a further drop in the price could occur. For less optimistic investors, such a drop may represent a good risk/reward opportunity if a long position is established in the $18,000 mid-range. Crypto Dog trader shared the following bullish statement:
We’re going to blow past $20k and while there may be plenty of volatility, there will be no “great retrace” to 14-15k that you’re looking for. Bitcoin ignited a global race and it’s just getting started.
Santiment’s data also shows a clear bull case. The analysis company has noted an increase in bearish market sentiment over the past few weeks. As it now notes, this trend is currently turning around again. According to the 30-day MVRV vs. price indicator, BTC has returned to “undervalued” status for the first time since October 06.
Why this upward cycle is different
Digifox founder and CEO Nicholas Merten compared the 2017 bullish cycle to the current one, recognizes Bitcoin’s ability to stay “very close to its all-time high”. Merten believes the current bullish cycle is different because it is driven by increased buying pressure from institutions and reduced sales by Bitcoin whales, as a Chainalysis’ research shows.
Entrepreneur Robert Kiyosaki was one of the latest business personalities to reveal that he has taken a long position in Bitcoin. Kiyosaki even ventured a prediction for 2021:
Glad I bought Bitcoin. Next stop $50 k. Wall of institutional money coming 2021. Buy below $20 k. If you missed Bitcoin, buy silver. Silver set to move due to AOC’s Green New Deal. America in trouble. Future bright for gold silver Bitcoin and entrepreneurs.