Bitcoin Price May Rise To $17,000 By The End Of 2020: The Analyst
Bitcoin could meet 2021 with a new record of $17,000 or more, but only on one condition. What should Bitcoin do for a breakout?
Bitcoin at $17,000: is it possible?
Analyst Timothy Peterson shared an upbeat outlook for Bitcoin’s price movement. He is convinced that the flagship cryptocurrency has upside potential, and if the bulls activate, Bitcoin could rise to $ 17,000 by the end of 2020. At the same time, the analyst is convinced that this boundary is not the limit, and under favorable market conditions, Bitcoin can demonstrate parabolic growth.
Timothy Peterson noted on his Twitter account:
But not everything is as simple as it might seem at first glance. According to the analyst, Bitcoin can rise to $17,000 but subject to overcoming the price region of $ 12,000. It would seem that with the current Bitcoin price of $ 11,600, achieving this goal would be easy. But, as shown by the data on daily timeframes, the flagship cryptocurrency is not yet ready to repeat the assault on the psychological barrier of $12,000.
Leading traders started talking about the upcoming Bitcoin price correction immediately after the meteoric rise on August 2. Bitcoin is not yet ready to continue the bullish move, so a price pullback was necessary to retest the support levels in the $11,000 region. Today, there is a positive trend in the Bitcoin price movement: two days ago, the bulls repeated their assault on $12,000, but due to the pressure of sellers in the crypto market, the Bitcoin price rolled back.
Some analysts trace in this behavior Bitcoin similar moments with the phase of long consolidation of Bitcoin after the third halving. For more than three months, Bitcoin has been “marking time” in the $9,000- $9,500 price region before breaking the $10,000 milestone. If Bitcoin repeats this scenario, the price movement towards $17,000 could likely drag on.
Bitcoin and the macroeconomic situation
Timothy Peterson noted that external factors were the impetus for the breakthrough of the $10,000 milestone, and the US monetary policy played an important role here. The announcement of the second wave of incentives to support the country’s economy was the driver for the Bitcoin price jump above $10,000. This scenario could be repeated this fall due to the progressive second wave of coronavirus, which has already been repeatedly reported by health authorities.
Thus, the macroeconomic situation can play in favor of Bitcoin and become an incentive to reach a position of $17,000 and above.