- The Bitcoin price rose above the important $18,000 mark a few hours ago and rebounded initially at $18,500.
- Analysts expect a further price increase if Bitcoin can close above the $18,000 mark on the daily chart and above $18,950 on the weekly chart.
The Bitcoin price has risen by 8.66% in the last 24 hours to a current price of $18,172, directly reaching its former all-time high of $20,000. Within the Top 20 largest cryptocurrencies, BTC shows the largest price increase, followed by Wrapped Bitcoin (+ 6.68%), Chainlink (+ 4.50%) and Ethereum (+ 2.26%). The market capitalization of Bitcoin has increased to $329.78 billion.
The rise in the price was accompanied by a sudden flash crash. At 05:30 UTC, the BTC price crashed from approximately $18,300 to $17,050. As fast as the price fell, however, the recovery followed. Two hours after the crash, the BTC price was already back at $17,800. Regarding the sudden correction, Blockroot founder and Bitcoin trader Josh Rager said it was long overdue and that he expected another correction in the coming days.
Only then, in his opinion, is the current development healthy and sustainable for the market. Should BTC continue its current upward trend, BTC will have to close above the $18,000 mark on the daily chart, thus establishing this new level of support. To confirm the massive bull run, BTC would need to close between $18,953 and $19,187 on the weekly chart, according to Rager.
Nice pullback, expect plenty more to come
Want to see Bitcoin get back above $17,800 and grind back up over the $18k level to feel good about this bounce pic.twitter.com/T0xiOTCqPI
— Josh Rager 📈 (@Josh_Rager) November 18, 2020
However, some experts in the industry, including the trader “light”, fear too much hype, which could soon end in a massive correction. According to the trader’s opinion, the current market is overheated, so he has sold some of his positions and is waiting for the price adjustment.
BTC finally starting to show signs of short-term overheating. sold last of calls.
— light (@lightcrypto) November 17, 2020
“Big Chonis Trading” states that Bitcoin has once again decoupled itself from the traditional financial market like shares and is showing a strong development against the sideways trend prevailing there. The Dow Jones has been moving sideways for the last 24 hours (- 0.21%) as well as the S&P500 (- 0.28%). The trader goes on to say that Bitcoin is living up to its reputation as digital gold and that BTC may reach a new all-time high this year.
Equity futures a bit moody tonight pic.twitter.com/ZkW7L8cKKp
— Big Chonis Trading😷 (@BigChonis) November 18, 2020
According to “Jonny Moe” Bitcoin has broken through the next important resistance and is now on the direct path to a new all-time high. Bitcoin last bounced off the bottom of the green box in June 2019 and has not been able to start a re-test since. In the last few days, however, BTC was able to break the resistance, as the following chart shows.
Despite all the euphoria, prominent analyst David Puell also warns against unwise and emotional trading decisions. In his opinion, BTC may continue to rise to $19,000 or even $20,000, but a sharp correction to $12,000 to $14,000 could follow. Therefore, he advises all his followers to work with smart stop loss settings in order to profit the most from the current situation and hype.
$BTC: 19k then 20k then crash to 12k or 14k?
Imagine such God-given gift…
— David Puell (@kenoshaking) November 18, 2020
Another Wall Street giant to join BTC
As Crypto News Flash reported yesterday, SkyBridge Capital, founded by former Trump consultant Anthony Scaramucci, will offer its clients the opportunity to invest in Bitcoin. This is stated in an official document filed with the SEC. The company joins a long list of financial giants such as MicroStrategy and Square, which also purchased several thousand Bitcoins as future reserve currency for future business success.