Bitcoin (BTC) Could Face Strong Resistance At $17,149 Says Crypto Analyst


Bitcoin (BTC) Could Face Strong Resistance At $17,149 Says Crypto Analyst

On Thursday, November 12, Bitcoin bulls once again raged-in pushing its price above $16,000 in a convincing move. Bitcoin enthusiasts have been going crazy as BTC hits a new 2020-high of $16,420 levels. At press time, Bitcoin (BTC) is trading at $16,296 with a market cap of $302 billion.

While the crypto community is already going bonkers over the next Bitcoin (BTC) bull run, crypto analyst Josh Rager said that BTC can face strong resistance at $17,149 levels. Based on historical charts of January 2018, BTC is facing strong resistance at these levels and can easily retrace back before going higher further. Thus, Rager expects some profit-booking at these levels.

Once, Bitcoin manages to move beyond these levels, there are no major roadblocks ahead and it will easily zoon past $19,000 and also its all-time high. Bitcoin (BTC) has already appreciated more than 30% over the last month and over 125% year-to-date.

Bitcoin Price Above $16,000 – Only 12 Days In History

Interestingly, Bitcoin (BTC) has managed to stay above $16,000 levels only 12 days in its entire history. Since Bitcoin is approaching its 2017-2018 levels, Brian Kelly said that there are many investors who must have bought three years back and willing to sell now. Thus, he also expects a marginal pull-back at these levels.

But in his interview with CNBC, Kelly also noted that Bitcoin is all set to disrupt Gold valuations. Bitcoin valuations currently stand at $300 billion and Gold is at $1o trillion. Thus, if Bitcoin were to eat further into Gold’s market share, it has a long growth ahead, says Kelly. Thus, he remains bullish on BTC’s price rally going further.

On the other hand, some market analysts have already started pointing out historical charts for the Bitcoin rally post its previous halvings. With its fourth halving recently in May 2020, analysts are expecting a massive bull run the next year in 2021. As per historical chart patterns, Bitcoin can hit $41,000 by December 2020 and $387,000 by mid-2021.

Another interesting thing to note that this could be just the beginning of the BTC bull run and the FOMO is yet to trigger the market. The Google trends data shows that Bitcoin (BTC) searches are still normal and not exploding like December 2017.

Author: Bhushan Akolkar
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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Bhushan Akolkar 76 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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