Bitcoin prices have made it to the same peak in June 2019 but failed to break higher as the $13,800 level proved to be strong resistance as analysts had predicted.
The move has added 5% to BTC prices on the day, and almost 13% since the same time last week. At the time of writing it had retreated slightly and was trading around the $13,750 zone.
This is the final resistance area to overcome before Bitcoin revisits prices not seen since January 2018. The weekly chart looks extremely bullish with another large green candle forming so even if this level is not broken this week, the momentum is still there for next.
The Path to $17,000 BTC
If the king of crypto is able to break through this psychological barrier, there is very little historical resistance all the way up to $17k. When it first topped the current price level in December 2017, it took just ten days to surge to that all-time high of $20k.
Analyst ‘CryptoHamster’ has also identified a target just below $17k, stating;
“Now, if $BTC breaks and holds above $14k the path to the target would be open. So far local highs were just above the Fibonacci levels (collecting liquidity before corrections).”
The bullish momentum has overwhelmed crypto twitter today with the big names such as RT’s Max Keiser throwing their predictions in.
“Seller exhaustion has opened up a clear shot to $28,000 before a pause.”
$28,000 in play https://t.co/26WhzQeBpg
— Max Keiser (@maxkeiser) October 28, 2020
Bitcoin Halving Returns on Track
Messari crypto researcher Jack Purdy has been charting the returns on Bitcoin since the halving in May, observing that there are similarities with the previous halving in 2016.
This is starting to get eerie…
The last two months have perfectly tracked returns since the halving compared to the last cycle
At this point in 2016 #bitcoin was at $895
A year later we were up 20x 👀 pic.twitter.com/e3sjS6CgU6
— Jack Purdy (@jpurd17) October 27, 2020
He added that at this point in 2016, Bitcoin was at $895 and a year later it was up 20x. A twenty times gain from this point a year down the line sounds a little farfetched as it would put BTC prices at $276k in October 2021.
The fact that Bitcoin has dumped to $4k and recovered to almost $14k for two years in a row should silence the naysayers and enforce the premise that the only way is up from here.