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Bitcoin Soars To $15,000: Can BTC Reach A 2017 High Of $20,000?

Bitcoin again made a big splash, easily overcame key resistance levels and for the first time since 2017 exceeded $15,000. Are we going to see Bitcoin at $20,000 by the end of 2020? What will happen next: “To The Moon” or a rollback?

Bitcoin is back on top and moving towards $20,000

Over the past 48 hours, Bitcoin has shown the bullish dynamics that crypto enthusiasts dreamed of immediately after the third halving. Since November 4, Bitcoin has risen more than 12%, overcame key resistance levels, and easily peaked at $15,000.

The flagship cryptocurrency continues to be within the upward channel. Technical indicators do not give bearish signals, therefore with a high degree of probability, Bitcoin is ready to move towards $20,000. Now Bitcoin has come close to the price region, where it has been in its entire history for only a few weeks. Bitcoin reached this height in December 2017 but did not hold its position and rolled back. Nevertheless, a relatively “clean territory” has formed on the charts, which allows Bitcoin to re-break the upper boundary of the ascending channel.

Will sellers be able to support Bitcoin’s bullish sentiment?

Last week, futures traders were not “warm” towards Bitcoin. In particular, this trend was recorded on Binance Futures: with the price of Bitcoin at $14,000 and $15,000, the owners of short positions placed bets against Bitcoin. As a result of the predominance of negative or neutral rates, the trading volumes of Bitcoin futures have significantly decreased.

Traders are not yet ready to buy Bitcoin derivatives. On the one hand, this suggests that the current rally was not provoked by pressure and manipulation on their part. On the other hand, we see that today Bitcoin has good conditions for the continuation of the bull run.

Will there be obstacles on the way to $20,000? According to trader Michael van de Poppe, the $16,000 mark is a critical resistance level for Bitcoin. He tweeted:

On the hourly chart, the acceleration in the movement of Bitcoin is recorded. We see how Bitcoin is very close to the $16,000 level. The US stock market is also on a bullish wave, with stocks up 7% in the past 36 hours.

Will Bitcoin soar to $20,000 by the end of 2020?

Analysts at Intotheblock are also forecasting a continuation of Bitcoin’s bullish rally in the short term. They believe that only the $17,000 level can stop the Bitcoin forward movement, but this stop will be insignificant. Analysts have presented a chart with the In and Out of the Money (IOMAP) indicator, which illustrates the nearest support and resistance levels for Bitcoin.

Bitcoin soared above $15,000 again. According to the IOMAP indicator, we see slight resistance in the $17,000 area. The fact that the nearest support level is at $13,556.17 and $14,000 is a good point for Bitcoin to bounce up.

Thus, if Bitcoin breaks the $17,000 level, then the path to the all-time high will be unhindered. Achieving $20,000 by the end of this year could provide good potential for Bitcoin to increase in the long term.

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