- Bitcoin price (BTC) maintains a support level of $18,500 and analysts are optimistic that it will reach a new all-time high.
- The percentage of USDT in trading platforms has decreased by 13.06% from its ATH indicating a possible upward movement for BTC.
Close to concluding one of the best months of the year in terms of profit, Bitcoin is in a critical zone that could define the tone of the market in the short term. With a price of $18,558, at the time of publication, and gains of 2.05% the first cryptocurrency by market capitalization remains above the support level of $18,000. In the weekly and monthly charts, BTC records gains of 16.09% and 43.54% respectively.
Driven by booming institutional demand, BTC has attempted to break through the $19,000 resistance level. However, some experts do not rule out a pullback of up to 30% before a movement towards a new all-time high.
Crypto trader, Josh Rager, has been very bullish on the price of BTC and ETH. In his most recent analyses, Rager has indicated that he has not taken profits on the current price of BTC because it would be “crazy before reaching the new all-time high”. The trader seems confident that BTC is on a path that will imminently push it above $20,000.
https://twitter.com/Josh_Rager/status/1330679907446386688
In that order of ideas, trader Credible Crypto is equally bullish. Indicating that BTC has not reached its peak, the trader stated that “$20,000 is coming and there is nothing you can do about it”. In addition, Credible Crypto expects the new all-time high to precede the market pullback.
Top still isn't in imo. Short at your own peril. $BTC https://t.co/tmznFctJ8i pic.twitter.com/nNT8TggJAH
— CrediBULL Crypto (@CredibleCrypto) November 23, 2020
Bitcoin to the moon, $20,000 imminent?
On the other hand, analyst Willy Woo has made a more moderate prediction. When studying the behavior of BTC traders in the last few days, Woo believes that the market is “locally overheated”. Therefore, he expects that there will be several attempts to break BTC’s all-time high before the cryptocurrency succeeds. Woo added the following about the maturity of the market compared to 2017:
It used to be that peaks in destruction or dormancy would be a bad sign for the market as old coins have more experienced masters, thus smarter money; this would predict a price drop. These days not always, OG whales also sell bottoms. Smarter money has arrived.
Old hands have been selling into this rally since the start of Nov (BTC @$13k). pic.twitter.com/jOtp9e9zr4
— Willy Woo (@woonomic) November 21, 2020
With a slightly more pessimistic analysis of a new high, trader SalsaTekila has indicated that BTC is at a “crossroads”. $18,500 is the support level that the trader expects BTC to maintain before trying to break the $19,000 again. SalsaTekila added:
If I had to bet, we’ll bounce and take a stab at this gandalf $19k level soon enough. The above just means if we break-down further don’t buy lower it’s a worse trade than 18.5k (IMO).
Finally, the firm Santiment records that the percentage of Tether (USDT) on trading platforms is at “a historically bullish level for Bitcoin”. In July, the level of USDT on trading platforms was at similar levels that preceded a 28.2% increase in BTC, as shown in the image below. The USDT level on exchanges has fallen by 13.06% from its all-time peak in March when it was at 44.84%.
