Bitcoin
Analyst: Bitcoin Could Be Months Away from Setting a New All-Time High
Cole Petersen | Nov 01, 2020 | 22:00
- Bitcoin has been flashing signs of immense strength throughout the past few days and weeks, with its recent uptrend holding steady as bulls chip away at its $13,800 resistance
- Yesterday, the cryptocurrency was able to post its highest monthly candle close ever
- The technical significance of this cannot be understated, as it shows that bulls are in full control of the cryptocurrency at the moment
- Unless BTC posts a strong rejection at its current price levels, there’s a strong possibility that an upside break above $14,000 is imminent
- This could spark a move to fresh all-time highs, according to one analyst
Bitcoin has been consolidating around its key near-term resistance level at $13,800. This level was closed above yesterday, which led BTC to see its highest monthly candle close ever – even higher than that seen in December of 2017.
Where the cryptocurrency trends in the near-term may depend largely on how it continues reacting to the region between $13,800 and $14,000, as another strong rejection here could be dire.
One trader is noting that a break above this level, however, could be all that it takes for Bitcoin to see an explosive rally to fresh all-time highs.
Bitcoin Consolidates at Key Resistance as Bulls Target Fresh Highs
At the time of writing, Bitcoin is trading down marginally at its current price of $13,800.
This is around the price at which it has been trading throughout the past few days, with buyers and sellers both being unable to gain any control of its short-term trend.
It is important to note that its mid-term trend is firmly in bulls’ control, and a break above the resistance directly above its current price could spark serious upside in the days and weeks ahead.
Analyst: BTC Could Rally to Fresh Highs if It Breaks One Key Level
One analyst explained in a recent tweet that Bitcoin is on the cusp of seeing serious upside if it can break above $13,880.
He notes that a break above this level could send it rocketing to fresh all-time highs.
“Unless you live in a cave, you know that Bitcoin just hit its 2nd highest monthly close of all time. BTC just needs to break above $13,880 for an all-time high close in the coming months.”
Image Courtesy of Josh Rager. Source: BTCUSD on TradingView.
Where Bitcoin trends in the coming few days should provide some serious insight into its outlook for the rest of the year.
Featured image from Unsplash. Charts from TradingView.
