Bitcoin (BTC) is attacking the last lines of defense again before the $ 12,000. It’s off to a good start for at least one successful consolidation above $ 11,700. What if the journey to $ 20,000 was done in one week from now? BTC has already proven in 2017 that it is capable of doing so, a fact that could attract more big wallets at these pivotal moments in the rise of BTC.
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This break will be the right one
Bitcoin rose steadily above $ 11,500 yesterday, October 18, 2020. It forayed above $ 11,800 today, October 19, 2020.
The BTC is trading at $ 11,751 as of this writing. Bitcoin currently registering an increase of over $ 300 – more than 2.60% daily.
The BTC closed with 3 daily green candlesticks, since falling due to problems withOKEx which rocked the support at $ 11,100 – $ 11,300.
Daily, weekly and monthly RSI (14) surged but, Bitcoin still has room before the market is overbought. Technically, the BTC may well go up to $ 12,000.
To reach 20,000 USD, you have to anticipate them
Bitcoin continues to attract big investors during these difficult times. Data from Glassnode show that the number of wallets BTC containing at least 100 BTC reached a 6-month high of 16,159 units.
Source : Image via Twitter
The devaluation of the dollar is contributing to the rise of Bitcoin, but the anticipation of the 20,000 USD could also be one of the reasons that will push new institutional investors to bet on Bitcoinot.
Data from Skew show that Bitcoin Stayed only 93 days above $ 11,500 since its launch in 2009.
The massive acquisitions of BTC by Square, MicroStrategy and other US listed companies, will they explode this number?
Will Bitcoin trade at $ 20,000 next week? Possible but unlikely. BTC has proven once again that it is able to quickly absorb losses due to an exogenous factor such as legal or technical problems with an exchange. Credibility: this is the key word towards a new ATH. The oldest crypto is more trustworthy than the dollar. The $ 20,000, he did it once, so nothing prevents him from repeating this feat.
Litecoin, welcome in the Silver Age