Bitcoin soars 204% in 2020.
The surge to $22,000 occurred in less than 12 hours. Last night, bitcoin was trading at around $21,260.
With the ongoing Bitcoin bull run, Major altcoins are expected to reach greater highs.
Bitcoin had a historical bull run by crossing $22K for the first time ever since its inception. With the Bitcoin Price gaining nearly $5000 in a single day, many other altcoins also follow the path.
The second major cryptocurrency Ethereum that was hovering passively also accelerated and crossed $650 within no time. An active analyst with Twitter handle Crypto Dog believes that if the bullish trend continues, Ethereum price can hit $1K by Christmas.
The major impact following the Bitcoin bull rally was seen on XRP. The third largest altcoin also surged more than 20% from $0.46 to $0.56. The DeFi eco-system also witnessed a spike with the bitcoin rally, as the major DeFi tokens like LINK, YFI Aave, UNI, and many others have surged remarkably.
Bitcoin Price Analysis
The history is all set to repeat as Bitcoin has smashed its previous ATH to form new highs above $22,000. Bitcoin Price attained its first-ever all-time high of $19,814 3 years prior on the same day i.e December 17, 2017.
As per the one day chart, the price has moved above all moving averages. Similarly, major indicators including MACD, RSI, and others are showing positive signals. It seems that BTC price After comfortably breaking $20K, the next main target to watch will be the $25K.
At press time, Bitcoin price is breaking all the resistance levels and no new resistance levels can be speculated. The support levels are also not much strong and appear to be out of reach for the BTC price.
Here’s What Analysts are Saying About Bitcoin
Popular Crypto analysts and trader with twitter handle @TheMoonCarl believes that
The next target is speculated as $24K to $25K which is expected to be attained in the coming hours.
Bitcoin Educator and Developer Jimmy Song has predicted that Bitcoin may have a huge $40,000 green candle very soon in the coming days.
On the other hand another analyst Kevin Svenson, said that the Bitcoin bull rally will continue over the entire period of 2020. He has set a huge target of $250,000 and hopes Bitcoin price will hit the target in 2021.
A pseudonymous analyst with the Twitter handle @signal_cryptwit shared his analysis on BTC price this morning. According to him BTC/USD could extend its uptrend until $23,000-24,000. Further, the pair could correct by roughly 20%, a move that could have it crashed to as low as $19,000.