TL;DR breakdown
- Bitcoin price prediction turns bullish as Mount $20K conquered
- BTC/USD touches all-time high of $20,800
- Another consolidation phase ends in bull run
- $21,200 comes next after FOMO and short squeeze fuels next buying round
Bitcoin price prediction turns massively bullish after crossing $20,000
Bitcoin price prediction of $20,000 came with a blast as price surged above key psychological resistance. As BTC/USD price hit a new all-time high of $20,8-00, the intense upward movement is set to propel the price even higher due to short squeeze.
The price surge obviously meant bad news for BTC bears as close to $400 million of short positions were liquidated across various crypto exchanges. The short squeeze proved highly beneficial for the bulls who quickly lapped up the thin liquid opportunity to push the price higher in an explosive candle pattern. Now that price is comfortably above the $20,000 psychological resistance, sky is the limit for BTC price.
Bitcoin price prediction: 1-day chart overview – Explosive surge brings all time high
As Bitcoin breaks the crucial $20,000 level, the crypto king is set to chart an entirely new direction upwards. At the time of writing, BTC/USD is trading at $20,711 and there seems to be no resistance ahead. Bitcoin bulls have once again shown that consolidation phase will ultimately start another bull run.
After the correction in BTC price that began three weeks ago, the price was stuck in a tight range between $17,000 to $18,500. After today’s surge, BTC has doubled in value since June. The rise in BTC price has generated an overall positive sentiment for the entire crypto sphere. The positivity has attracted numerous high-profile investors and financial institutions as BTC is now seen as a high-value asset. From MicroStrategy to Paypal and MassMutual, the popularity of Bitcoin has grown manifold taken Bitcoin price prediction firmly to bullish territory.
BTC/USD 4-hour chart – Green candles and positive technical indicators all around
BTC/USD is surging up and there seems to be no major resistance ahead to stop the explosive rally. On the 4-hour BTC/USD chart, the technical resistances lie at $20,800, and then at $20,200. After a muted start to the day, Bitcoin suddenly started a journey higher. Then the short squeeze helped the Bitcoin price prediction chart a near vertical journey in the next few hours.
The price took out $20,000 resistance with an explosive breakout. The market is currently trading above the 21-da simple moving average. Bulls are comfortably in the driving seat right now with all the technical indicators supporting a sustained move higher for Bitcoin price prediction. The upper body of the ascending price channel is sloping up and the price is stuck on its upper end.
With breakout above $20,000, the long-term daily and weekly outlook is once again in the positive territory. Today’s long green candle will result in bearish engulfing candle on the daily charts that will push the price towards upper resistance at $20,800, and $21,200.
If the price is rejected by excessive selling pressure above, it can revert back to lower support at $18,500 near the moving averages. Long term support levels at $17,800 and $17,400, will further prove to be pivotal support points. RSI at 65 is giving up massive bullish signals with plenty of room upwards.
Bitcoin price prediction conclusion – Crypto meme party starts as BTC/USD crosses $20K
With a new all -time high, crypto memers have taken over once again to celebrate victory over mount $20K. Various funny, knowledgeable, intuitive, and interesting tweets are being churned out by crypto enthusiasts. The ‘Fear-of-Missing-Out’ will further fuel the sharp upsurge to take the price higher.
Bears will have exaggerate selling pressure at $20,800 in order to stop this bull run. The resistance at $20,800 won’t prove much of a dampener since $500 million short squeeze would keep away bears for a while. FOMO will further crowd BTC trading with large volumes pumped into the BTC/USD trade. It is only a matter of few days before BTC price hits $21,000 as the bull run is just at the upper end of the ascending price channel.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
