Bitcoin to See $20,000 Soon as Bulls Refuse to be Tamed

Bitcoin to See $20,000 Soon as Bulls Refuse to be Tamed

Bitcoin (BTC) continues on a strong upwards trajectory for the seventh consecutive week now, defying all odds and market norms. At this point, one could say that the cryptocurrency has reentered a “price discovery” mode again after three years.

However, even if that isn’t the case, this prevailing bull rally has brought the benchmark cryptocurrency in contact with its final resistance before we see a new record high. That said, when the all-time high at $20,000 gets cleared, the amount of FOMO-induced purchases will be astronomical, which will invariably send BTC to extraordinary heights.

Are we going to see a new all-time high this month or week? Or will this final resistance be powerful enough to quell an all-out FOMO boom? Either of these scenarios is possible. However, we are more likely to see the former play out.

In other news, a Chief Investment Officer at Blackrock, one of Wall Street’s largest and most prominent investment firms, has asserted that he believes “cryptocurrencies are here to stay” in a recent interview today. The CIO also stated that he believes Bitcoin could replace gold as the recognized and preferred store of value.

BTCUSD – 4-Hour Chart

Key BTC Levels to Monitor — November 20

Bitcoin continues to trade upwards without taking modest dips, as normally expected. The primary cryptocurrency is now on the cusp of breaking its all-time high at $20,000. That said, any decline from this level will get supported by the $18,300 support.

Meanwhile, our key resistance levels are at $18,829, $19,000, and $20,000. While our key support levels are at $18,000, $17,500, and $17,000.

Total market capital: $522 billion

Bitcoin market capital: $344 billion

Bitcoin dominance: 65.9%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.