Bitcoin eyes $20,000 again.
Bitcoin touched new all-time highs just weeks ago. Then, we saw a pullback into the mid-high $17,000s. The world’s largest cryptocurrency has now steadied and is rallying back toward all-time highs.
As of writing, the price of bitcoin is $19,182.
- Bitcoin is down just 0.19% in the last 24 hours
- Bitcoin is up about 0.65% in the last week
- Bitcoin is up roughly 19.28% in the last month
Bitcoin broke through key resistance around the $18,500 level this past week. It remains on a steady, upward trajectory.
All signs favor the bulls.
Many consider $20,000 the price to watch yet again and new all-time highs could be coming before the end of 2020. It’s already been quite a year for bitcoin and it’s not over yet.
Back in week 46, we mentioned key support between $14,000–16,000. Bitcoin seems to have left those levels in the dust.
While another push above $20,000 feels more and more possible, we cannot yet discount a larger pullback than the recent slide into the $17,000s.
December is a pivotal month for bitcoin. A strong close to the month would cap off an incredible year for the world’s largest cryptocurrency.
This year, we saw a halving event, a global pandemic, and a massive increase in retail and institutional adoption of bitcoin.
If bitcoin can close out 2020 above $20,000, we have to start taking higher price predictions seriously. Earlier this month, OKCoin CEO Hong Fang called for a $100,000 bitcoin within the next twelve months. She’s not alone in her $100,000 bitcoin prediction.
Several analysts at major banks, along with crypto traders such as Willy Woo, PlanB, and others like Anthony Pompliano, have all called for a bitcoin price between $100,000–300,000 by the end of 2021.
MassMutual is the latest in a string of big names to invest in bitcoin. The iconic insurance provider announced a $100 million investment in the cryptocurrency.
Institutional support for bitcoin is snowballing. We’ve already seen Paul Tudor Jones, Stanley Druckenmiller, Larry Fink, MicroStrategy, PayPal, Guggenheim, and others bet on bitcoin.
Will bitcoin experience another Santa rally? The final weeks of 2020 are critical as we evaluate what’s possible in the coming year.
Keep an eye on the $20,000 price point. If bitcoin can push above that level, we could see higher lows in the $17,000–19,000 range establish support.