Bitcoin prepares for the ultimate upswing to $20,000; here is what to watch out for
- Bitcoin Cash has sustained the uptrend, breaking multiple supply zones within an ascending parallel channel.
- BTC/USD must close the day above the channel’s middle boundary to avert potential losses and retain focus on $20,000.
Bitcoin is in a self-made bullish cycle after breaking multiple key barriers and flipping them into crucial support areas over the last few weeks. The recent run to $18,500 convinced most investors that $20,000 is nigh. However, analysts warn that a reversal is likely before Bitcoin makes the final liftoff to $20,000.
The flagship cryptocurrency is trading at $17,977 amid a relentless push from the bullish camp to sustain the uptrend. BTC embraced support at the ascending parallel channel’s middle boundary during the recent retreat from the new yearly highs.
This area’s support has made it possible for buyers to increase their position in anticipation that the bellwether cryptocurrency will soon resume hitting its all-time high.
BTC/USD daily chart
It is worth noting that Bitcoin must close the day above the channel’s middle boundary to avert losses and retain the focus on overcoming the hurdles at $18,000 and $18,500, respectively. The up-trending 50 Simple Moving Average (SMA) beneath the price is a crucial bullish indicator that the least resistance path is upwards.
On the other hand, sliding under the channel’s middle boundary could trigger immense selling pressure mainly due to panic among investors and the rush to cash out their profits before the price dives.
Besides the ascending channel’s lower limit support, Bitcoin’s contact points on the downside would be the 50 SMA in the 4-hour timeframe, the buyer congestion at the 100 SMA, the demand at $15,000, and the 200 SMA, currently at $14,431.
Bitcoin Intraday Levels
Spot rate: $17,951
Percentage change: 0.75%
Relative change: 134
Trend: Bullish
Volatility: Low
- ASTER to Launch Phase 2 Airdrop on October 10 as Open Interest Tops $5B in Two Weeks
- El Salvador’s Bitcoin Holdings Hit $475M Profit as BTC Becomes World’s 7th Largest Asset
- Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force
- 99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction
- Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement
- Dogecoin Price Rebounds 15% From Buy Zone as Whales Add 30M DOGE – Can Bulls Push Beyond $0.30?
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
