Bitcoin is on Track to Reach All-Time High!
With the breakthrough of the $17,000 resistance, Bitcoin is now on track to its all-time high at $20,000!
Breakthrough Importance
The breakthrough of the $17,000 is of utmost importance as it was the last significant resistance on Bitcoin’s path to $20,000. This level acted as a resistance before Bitcoin reached the all-time high, and afterward, it prevented Bitcoin from reaching $20,000 again.
What Happens Next?
This level was the strongest in Bitcoin’s path to $20,000. Therefore, due to the strength of the bullish momentum, Bitcoin will probably test its all-time high once again in the near future. However, Bitcoin hasn’t touched this level in nearly three years, and it is unlikely that we will achieve a breakthrough and make new all-time highs just yet.
The most probable short term outcome is that we will push close to $20,000, get rejected by this level, and head back to $17,000. This rally has been very impressive so far but also dangerous. In total, Bitcoin rose by around 65% in just 42 days; this equates to approximately 1.5% growth every day for the past six weeks. While this rally has been great for holders and traders, it is only natural that some form of correction will ensue.
If a correction follows soon, then the newly broken $17,000 level will be the first important support level. Following this level will be the $16,000 support BTC broke last week, and then finally, we have the $14,000 level. Although Bitcoin can fall even further than $14,000, that is not as likely to happen. Many traders and investors expect Bitcoin to be very bullish in the upcoming year due to the halving and increasing institutional investment.
Breakthrough Importance
The breakthrough of the $17,000 is of utmost importance as it was the last significant resistance on Bitcoin’s path to $20,000. This level acted as a resistance before Bitcoin reached the all-time high, and afterward, it prevented Bitcoin from reaching $20,000 again.
What Happens Next?
This level was the strongest in Bitcoin’s path to $20,000. Therefore, due to the strength of the bullish momentum, Bitcoin will probably test its all-time high once again in the near future. However, Bitcoin hasn’t touched this level in nearly three years, and it is unlikely that we will achieve a breakthrough and make new all-time highs just yet.
The most probable short term outcome is that we will push close to $20,000, get rejected by this level, and head back to $17,000. This rally has been very impressive so far but also dangerous. In total, Bitcoin rose by around 65% in just 42 days; this equates to approximately 1.5% growth every day for the past six weeks. While this rally has been great for holders and traders, it is only natural that some form of correction will ensue.
If a correction follows soon, then the newly broken $17,000 level will be the first important support level. Following this level will be the $16,000 support BTC broke last week, and then finally, we have the $14,000 level. Although Bitcoin can fall even further than $14,000, that is not as likely to happen. Many traders and investors expect Bitcoin to be very bullish in the upcoming year due to the halving and increasing institutional investment.
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