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.
Keep an eye on these key Bitcoin price levels (daily/weekly) from the 2017-2018 highs
They could likely reject before moving higher
But after $17,149, there isn't a lot standing in the way before $19,000+ pic.twitter.com/8sffFo6byo
— Josh Rager 📈 (@Josh_Rager) November 12, 2020
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.
Bitcoin bounces back! The cryptocurrency broke above $16,000 today for the first time since 2018 as investors jumped back into the trade. Bitcoin Baller @BKBrianKelly looks at what could fuel the bullish boom. pic.twitter.com/6cUegXrhPW
— CNBC's Fast Money (@CNBCFastMoney) November 12, 2020
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.
#Bitcoin after the Halving
Nov. 12, 2020184 days after the 3rd halving.#BTC at $16,003.
Is it just me or is $20,000 starting to look pretty close? pic.twitter.com/0JL3iaI4L8
— ecoinometrics (@ecoinometrics) November 12, 2020
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.
According to google trends, #Bitcoin searches are still normal and not exploding. No FOMO yet and there is still lots of room for price to go up once there is actual mass interest picks up.
— Jonathan Habicht (@HabichtJonathan) November 8, 2020
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.
