A Record for Bitcoin
After three weeks of ranging, Bitcoin finally breaks the $20,000 and makes a new all-time high!
Breakthrough Importance
Calling this as "big news" would be an understatement. This breakthrough just about confirms many predictions regarding the Bitcoin cycle.
Generally, the more a resistance is tested, the stronger it becomes; this also means that the stronger the resistance, the stronger and more aggressive the breakthrough will be when it finally occurs. The $20,000 level was strong because it was the main resistance in the 2017 bull run and held multiple times in 2020. Now that the breakthrough finally occurred, it has pushed Bitcoin's price through the roof!
What Happens Now?
It is very hard to determine where exactly the price will head. During the last halving, the price went up around 20% after making a new all-time high. This looks to be the case this time, as the price stopped just short of $24,000.
Every time the price breaks a resistance, it becomes a new support. Therefore we should look at the $20,000 point as a robust support level from now on. This is also the price where we predicted Bitcoin would head to after peaking out around $80,000-$100,000 in the halving cycle. As BTC has just broken this level, it may come back to retest it after peaking out, which will make it an excellent entry point.
The 150 EMA we mentioned in previous articles works excellently as a mobile support during bull runs. Therefore, when the price hits the 150 EMA, it is usually a great time to buy.
During the last halving, Bitcoin's experienced a short correction to just below its previous all-time high before pushing higher. Therefore BTC may fall to $16,000 in case of a more serious correction. However, it is more probable that it will hold above $20,000.
Breakthrough Importance
Calling this as "big news" would be an understatement. This breakthrough just about confirms many predictions regarding the Bitcoin cycle.
Generally, the more a resistance is tested, the stronger it becomes; this also means that the stronger the resistance, the stronger and more aggressive the breakthrough will be when it finally occurs. The $20,000 level was strong because it was the main resistance in the 2017 bull run and held multiple times in 2020. Now that the breakthrough finally occurred, it has pushed Bitcoin's price through the roof!
What Happens Now?
It is very hard to determine where exactly the price will head. During the last halving, the price went up around 20% after making a new all-time high. This looks to be the case this time, as the price stopped just short of $24,000.
Every time the price breaks a resistance, it becomes a new support. Therefore we should look at the $20,000 point as a robust support level from now on. This is also the price where we predicted Bitcoin would head to after peaking out around $80,000-$100,000 in the halving cycle. As BTC has just broken this level, it may come back to retest it after peaking out, which will make it an excellent entry point.
The 150 EMA we mentioned in previous articles works excellently as a mobile support during bull runs. Therefore, when the price hits the 150 EMA, it is usually a great time to buy.
During the last halving, Bitcoin's experienced a short correction to just below its previous all-time high before pushing higher. Therefore BTC may fall to $16,000 in case of a more serious correction. However, it is more probable that it will hold above $20,000.
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