Bitcoin price prediction: we don’t want a lot for Christmas – all we want is $20,000

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TL:DR Breakdown

  • Bearish Bitcoin price prediction unfolds as BTC sees dip to lows of $18,000
  • Volatile fluctuations seen as bullish trend reaches for $20,000
  • Support level found at $18,000
  • Approximate four percent fluctuation above and below opening price seen throughout the day
Bitcoin price prediction: we don't want a lot for Christmas - all we want is $20,000 1
Cryptocurrency heatmap by Coin360

Bitcoin price prediction: Striving for the $20,000 mark – Bitcoin misses by just $112

Following the highs of the morning, Bitcoin (BTC) price has now settled down to a stable level of $19,000 to conclude the day – almost $700 off it’s starting price.

As of today, December 1st, 2020, Bitcoin price has been through hell and high water as it struggles to reach the $20,000 mark. Opening at $19.695, BTC began the day already sat at the precipice of the All-Time-High (ATH) of Bitcoin history, but what unfolded didn’t live up to expectation.

Reaching as high as $19,888 at 11:10 GMT, prices dipped to $18,001 by 13:10 GMT – closing at $ 18,181. As with the story of Icarus, reaching for the sun, BTC price fell promptly back down to earth – denying traders the long-awaited ATH of $20,000. As it stands at 21:08 GMT, BTC price sits at $18,996.20 – down 1.13 percent.

Use the oscillator below to check what role BTC might play in your portfolio.

Bitcoin price prediction: 1-Day chart

Bitcoin price prediction: we don't want a lot for Christmas - all we want is $20,000 2

As we can see from the 1-Day chart, the day’s pattern closely resembles that of the 26th November 2020, where volatility, volume, and bearish activity peaked. Progressing to the 1st of December, 2020, we see volume levels dropping but steadily increasing while volatility heightens even further.

Volatility suggests that bullish activity will continue despite the price decline today. This is evidenced by the bullish characteristics displayed by the crypto market in recent weeks (e.g., XLM reaching a 160 percent price hike) and support levels found at $18,000 and $19,000 throughout the day.

Though BTC price may test the $20,000 mark again tomorrow, it is likely to see another initial fall before challenging the ATH. One thing is for certain – BTC price is bullish and will remain so into at least mid-December, per the analyst.

Bitcoin price prediction: 1-Week chart

Bitcoin price prediction: we don't want a lot for Christmas - all we want is $20,000 3

Half-cluttered, but completely informative – the 1-Week chart gives us all the information we require to make informed decisions for the time to come.

Firstly, the Upper Bollinger Bands (BBs) level was broken in late September, and this pattern continues as we begin December 2020. Since the start of May, BTC price has maintained its position above the BBs Basis mid-line.

Secondly, volatility levels peaked in March during the steep decline below $5000 but have since recovered and reduced significantly. The pattern not only suggests the market is bullish but confirms it, in light of the low volatility seen in the 1-Day chart. As volatility remains low, BTC prices should continue to rise steadily.

Thirdly, the On-Balance-Volume (OBV) shows a steady incline stemming from March. Progressing in an ascending trendline, the OBV shows minor dips with bearish activity, but the overall direction is upwards.

Finally, the latest 1-Week chart candlestick remains green for lift-off. Bulls remain in control as the Bitcoin market attempts to charter undiscovered waters.

Bitcoin price prediction conclusion – BTC will proceed beyond the $20,000 before the week is out

Bitcoin price prediction: we don't want a lot for Christmas - all we want is $20,000 4

The decline seen today saw BTC bullish retaliation and swift recovery. Having volatility, BBs, OBV, and history-breaking suspense on its side – BTC price should see beyond the $20,000 wall in the next five days.

This Bitcoin price prediction is only as reliable as its charts and facts. If ‘buy walls’ are established at the historical $20,000 level by BTC whales, prices could see a tumble before the breach. If bulls build such walls – even just strategically – hope for seeing beyond $20k may have to wait another week.

Joshua O'Sullivan

Joshua O'Sullivan

Joshua has been a professional writer, editor and proofreader for close to a decade. He has created books, resuscitated multiple patients and managed to survive multiple life threatening experiences. With these experiences, he is always willing to strive to the challenge of any opportunity presented.

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