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Will Bitcoin Price Break its Previous Highs or Sees its First Dump?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Nov 19, 2020

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Article Highlights
  • Bitcoin after maintaining at above the yearly highs, broke down below to touch the levels close to $17500

  • Currently, Bitcoin may slow down its pace or even dump to certain levels

  • Once the retail investors jump-in, the bull rally would reinitiate with greater speed

Bitcoin Bears Interrupt the Bull Rally

Bitcoin bull rally appears to have paused a little and moreover, the bears might have interrupted to pull back BTC price again below $17500. The hourly Bitcoin price chart shows a head and shoulder formed.

Bitcoin Price chart

In fact, Bitcoin appears to have broken down the neckline which is the support line of the head and both shoulders. Therefore, whenever the neckline of this pattern is broken down, the bearish trend initiates. 

However, Bitcoin price has reversed the head and shoulder pattern many times in the past breaking the downtrend.

Retail Investors are Yet to Enter the Bitcoin Space

More and more institutional investors jumped into the space to acquire Bitcoins to be part of the Bitcoin Bull rally. Or rather it can be said that the institutions played a major role to carry the BTC price towards the 2020 highs. 

In fact Bitcoin recorded the fourth highest daily close ever of $17,782.29. But at present the 2017 hype does not reflect as the interest within the retail investors appears to be low.

The google trends also add to the substance, showing no searches for the digital asset in the recent bull rally. Therefore, the bitcoin bull rally is expected to restart very soon, when the retail investors show interest and enter the Bitcoin space.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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