December 16, 2020: a date that will be remembered in the history of Bitcoin (BTC). BTC has finally crossed 20,000 USD. We look back on a year that showed the strength of Bitcoin compared to fiats, with institutions that allowed BTC to reach new ATHs today, despite a difficult year for the global economy.
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Bitcoin over $ 20,000: we can finally write it down
Bitcoin has finally reached and even surpassed $ 20,000 today after a push that broke the last resistance zone of $ 19,400 – $ 19,600.
The BTC even climbed above $ 21,200.
Bitcoin is currently experiencing a daily increase of over 5%, which represents an amount of over $ 1,000.
The BTC first crossed $ 20,000 on Bitstamp at 1:42 p.m. UTC today. The market capitalization of Bitcoin then amounted to $ 374 billion.
Bitcoin had reached its previous ATH 2 weeks earlier, on December 1, 2020, without touching $ 20,000.
Notable differences with 2017
Unlike that of 2017, the current rally is supported by institutional investors. The BTC is now perceived as a safe haven by institutional investors and the wealthy.
The covid-19 pandemic has revealed the weaknesses of fiats and in particular of the dollar. Above all, it brought to light central banks ready to play with the printing press, ignoring inflation and the devaluation of fiat currencies.
The current rally is also based on good foundations. The fundamentals of Bitcoin are “at their best”.
Bitcoin moves 500,000 USD per second. The network is 10 times more secure than in 2017, with hashrate and mining difficulty reaching new highs in 2020.
Will forecasts of further parabolic increases when BTC crosses $ 20,000 now come true? The daily RSI (14) has not yet hit 70 – it currently stands at 67 – despite today’s sharp rise: theoretically, bulls can continue their run on a daily basis, before the markets are overbought. Bitcoin at $ 20,000: a peak or just the start of the 6-digit climb for 2021?
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