Will Bitcoin Exceed the $ 20K Level?

Will Bitcoin exceed the $ 20K level? What will be the new level of the leading cryptocurrency? According to the article by Ahmet Balıkesirli from CoinTurk, Bitcoin (BTC) once again reached the level of $ 20,000, proving that it is in a real bull season. After the $ 19,892 level was recorded in November, the BTC price is rising again and forming a double peak formation makes Bitcoin investors hopeful. But what does the technical data say for the BTC / USD rate ? There is currently no definitive formation or trend that can determine the direction of the Bitcoin price. The biggest reason for this is that Bitcoin (BTC) has never exceeded $ 20,000 before. However, despite this, there are some resistance and support points for levels up to $ 20,000. At the time of writing, the BTC is trading at $ 19,579. In addition, it has gained 5 percent in the last 24 hours. Currently, Bitcoin (BTC) is forming a double top formation, and once the price hits $ 19,800, it could turn this formation into a triple top. It is also considered as a known fact that sharp decreases were recorded after the triple peak formation.   BTC / USD Technical Analysis If Bitcoin (BTC) rises again to $ 19,800 and experiences a slight correction, the triple peak formation will be confirmed. Should this happen, it seems likely that the BTC price will fall behind $ 19,000 once again. Based on its moves in 2017, Bitcoin is observed to have dropped between 30 and 40 percent following a similar pattern. In this case, the first support point could be $ 19,000, then $ 18,400, and finally the areas where the BTC price of $ 17,500 reacts. The only model for the Bitcoin price to rise from this level is known as the stock-flow model of the famous analyst PlanB.   BTC / USD Chart According to the price chart, Bitcoin (BTC) price could move above $ 20,000 in 2021. Saying that by the middle of 2021, the BTC price will increase to $ 100,000, the analyst predicts that this level will continue to move forward, targeting $ 1 million. It is known that the model of the aforementioned analyst was right on the spot in previous periods. On the other hand, the fact that famous names such as the Winklevoss twins set the $ 500,000 target for the bitcoin price essentially fits with PlanB's model. Although it is not known whether the Bitcoin (BTC) price will see over $ 100,000 by 2021, it seems likely that FOMO will start after the $ 20,000 level.          

Source: CoinTurk Warning: The information, comments and estimates contained in this article do not fall within the scope of investment consultancy.