Bitcoin (BTC) attempted another breakthrough towards $ 20,000 today, November 21, 2020. Short-termists and pessimists have decided to give the bulls a hard time all the way. Should we really fear a big correction before the 20,000 USD? This relatively simple indicator sheds light on the question.
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6 moves light up the 20,000 USD road
Bitcoin climbed to today’s $ 18,965, hitting a 3-year high. Investors can more than ever expect the $ 20,000. The BTC is trading at $ 18,760 as of this writing.
There appears to be selling pressure at the $ 19,000 level on Bitfinex, Bitstamp, Binance and Coinbase. Despite the rejection at levels close to USD 19,000, the price of BTC managed to stay in the $ 18,500 – $ 19,000 zone.
The bulls have defended the $ 18,500 which appears to be on the way to becoming major support to break through the $ 19,000.
Although the most cautious analysts predict a possible decline in the BTC before he reaches new ATH, the BTC is expected to record its 6th consecutive green daily candlestick today.
Bitcoin: a worthless hole filled with earth?
While the BTC is less than $ 2,000 of a new ATH, that hasn’t stopped Peter Schiff to criticize an umpteenth time Bitcoin on Twitter.
Schiff indicates that it is absurd that the value of BTC could come from the past work required to validate the information encoded on its blockchain: ” If I work hard to dig a hole and then fill it with soil, what value does my work create? An effort that produces no value is worthless. “
Source : Image via Twitter
Schiff continues to “slammer” the BTC while it is likely that he is playing a double game to profit from gold and Bitcoin, without having to publicly admit that he was wrong on the BTC.
The last market clean-up is done before the 20,000 USD. The $ 18,500 now appears to be major support for the last few miles before new ATHs. Bitcoin has been in the green for 6 days now: the fear of a correction is understandable, but the daily candlesticks reveal bulls that nothing seems to be able to stop in their course. A breakthrough of $ 19,000 and a rally to $ 20,000 tomorrow?
Litecoin, welcome in the Silver Age