Bitcoin Cranks to Crucial Resistance at $12,300, Can it Go Higher?
Within the past hour, Bitcoin has made its move back to tap $12,300, which equals its high for this year made in mid-August. Analysts are flooding crypto social media with their predictions as BTC reaches this crucial juncture.
Since that first move above $12k over two months ago, BTC corrected the high $9k zone resulting in a 20% pullback. All of those losses have now been reclaimed as it returns back to 2020 highs in a largely predicted move that has added $550 over the past 24 hours.
Can BTC Get to $20k This Year?
Analysts have noted that Bitcoin hasn’t had a weekly close above $12,000 since January 2018 and are confident that the bull market has begun.
Both the weekly and monthly charts are working on higher-closes
Bitcoin hasn’t had a weekly close above $12,000 since January 2018
Bitcoin had its 20%+ pullback, its time to continue this uptrend 🐂 pic.twitter.com/doemFlFcK2
— Josh Rager 📈 (@Josh_Rager) October 21, 2020
Fellow analyst ‘dave the wave’ added that prices could easily return to their all-time high.
“Could BTC see a pump to 20K? Sure, it’s already 70% of the way there, and as comparable with the previous pump. Price has also currently recovered 82% of the manic market of 2017,”
Breaking this crucial resistance must happen first, though, and Bitcoin has already found it tough with a slight bounce off it as it returns to $12,250 on the hourly time frame.
If it can manage to push through, the next resistance point is the 2019 high of $13,800. Past this, there is very little stopping a return to the $20k ATH in a very short period of time.
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Bitcoin Dominance Increases, Altcoins Suffer
The big move has come at the expense of the altcoins as BTC dominance has increased to an almost three-month high.
The rest of the market is moving much slower though $10 billion has been added to total market capitalization over the past 24 hours, the majority of that going into BTC.
Ethereum has reclaimed $380 from its fall yesterday but is still 21% down from its 2020 high, while XRP, Binance Coin, Chainlink, and Cardano were still down on their prices this time yesterday.
Litecoin has followed its big brother with a slight gain on the day to find the $50 level again, but in general, the altcoins are suffering.
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