Portfolio Bitcoin Price may touch $31,000 Soon, Yet Retracement is Expected!
Author: Elena R Dec 16, 2020 13:17
Elena R 
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Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
Bitcoin trending strongly above $19,000 manifests strong signals of a major breakout in coming days.
The dominant crypto is expected to touch above $30K in the first quarter of 2021, however, a small retracement is also expected before the bull ride
If Bitcoin does not touch $20,000 within a few hours, probably, it may range in sideways for weeks.
Bitcoin Price on a Hell Ride
BTC showcased less volatility in recent times is expected to explode in the coming days. Bitcoin price may touch as high as $31,000 as predicted by the co-founder and CEO of Abra bank which the world’s first crypto bank.
He also said that before touching $31K, bitcoin price may also suffer a retracement which may take down the price to $21,000.
However, according to another analyst Lark Davis, bitcoin is repeating the same pattern when the BTC price was around $10,000. He further says that now it’s very important for bitcoin to break $20,000 resistance without consuming much time.
According to the chart mentioned by Lark Davis, if the same pattern continues, and Bitcoin fails to break $20,000 levels, then there are more possibilities of the BTC price trending sideways in a very narrow range for weeks together.
Will Bitcoin Cross $20,000 in 24-hours?
Bitcoin surged above $19,000 and successfully maintained above the levels from sometime despite a slight pullback below $18,500 marks recently. But with a small recovery in the crypto market, Bitcoin price is surrounding around $19,500 currently.
The further movement would be more decisive for the asset which may determine whether Bitcoin will continue the bull run or fall in the bear wells. However, many analysts and Bitcoin followers still believe BTC price may touch $20K in the coming hours.
The bitcoin price during the time of writing is $19,422.64 with a dip of just 0.06 percent which can be recovered easily. The most prominent thing now would be the Bitcoin price to strongly head towards $20,000 and not get rejected at $19,600 or $19,800 as it happened in a previous couple of events.
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