Path to $20K Bitcoin price now wide open after previous resistance breaks - Expanse

Path to $20K Bitcoin price now wide open after previous resistance breaks


Bitcoin (BTC) hit new highs in excess of $18,750 on Nov. 20 as its latest extended bull run continued to delight investors.

BTC price inches closer to all-time highs

Data from Cointelegraph Markets, Coin360 and TradingView shows BTC/USD climbed swiftly after reclaiming $18,000, taking out its previous high of $18,420 to continue rising.

At press time, local highs of $18,817 took Bitcoin to within $1,250 of its all-time highs from December 2017.

BTC/USD 1-hour chart. Source: Tradingview

The latest gains come as altcoins have also begun to hit historical levels that have remained untested for several years.

Speaking about the market’s current strength and future prospects, Tom Lee, co-founder of Fundstrat Global Advisors, was more bullish than ever.

“The halvening happened this year, which of course historically is good for price, bit history also says that the year following the halvenings is much more important,” he told Yahoo Finance.

“Bitcoin was the best performing asset last year, 2019. It’s killing it this year; it’s just crushing all other hedges and asset classes this year, 2020. But in 2021 I think Bitcoin could be the year of the fireworks, so if people are interested, they really should realize that the best is probably yet to come.”

Bitcoin vs. gold 3-month chart. Source: Skew

Data from monitoring resource Skew underscores just how much Bitcoin has outperformed macro alternatives. Bitcoin’s year-to-date returns total 160%, while gold has managed just 22% and the S&P 500 an even less appealing 10.9%. 

News source CoinTelegraph.com

SHARE THE WORD


The North American Bitcoin Conference
01/16/2019 VIEW DETAILS
Blockchain Connect Conference 2019
01/11/2019 VIEW DETAILS

European Blockchain Conference Barcelona 2021
01/25/2021 VIEW DETAILS

Follow us

Upcoming Events

European Blockchain Conference Barcelona 2021
01/25/2021 VIEW DETAILS
Come talk to us on Discord
Join the conversation!!

Join the conversation!!

Come to Discord if you have any questions, we have channels on many languages and a community willing to help!!

Join our channel now!!

You have Successfully Subscribed!