Bitcoin Finally Takes Out $20,000, What Is Next For Crypto?

Tony "The Bull" Severino

1 year ago

3 mins read

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Forget that asset’s former all-time high, Bitcoin price just finally blasted well above $20,000 for the first time in history. With the leading cryptocurrency by market cap having no clear resistance above it, it has now entered price discovery mode, and where to next is anyone’s guess. However, here are some logical levels that could act as the next hurdle for the unstoppably bullish Bitcoin.

$20,000 is no longer a concern for the top cryptocurrency | Source: BTCUSD on TradingView.com

Bitcoin Clears $20,000 To Cap Of 2020 With A Bang

With less than two full weeks left in what has been an incredibly eventful year, Bitcoin has not only set a new all-time high yet again this December but has now broken above $20,000 for the first time in the young asset’s twelve years in existence.

This milestone puts each Bitcoin at over ten times the cost per ounce of gold, and is yet another step in the cryptocurrency absorbing the precious metal’s market cap, before moving onto other asset classes.

The digital gold narrative combined with inflation fears has put the ultra-scarce asset on the radars of hedge funds and high wealth institutions and individuals that are seeking to protect their buying power over the next several decades.

The new rush of investors with serious capital behind them has propelled the first-ever cryptocurrency beyond the key level.

Skies are essentially clear above here, with no historical resistance in Bitcoin’s way. However, because smart money has now realized the asset is long-term, the market is likely to shake out participants left and right before the full next leg up begins.

But then again this is Bitcoin, and its upwards trajectory in 2020 has been unstoppable. Not even $20,000 could contain it, so what will?

Fib extensions could act as mathematical resistance | Source: BTCUSD on TradingView.com

Fib Extensions Provide Clues To Where Crypto Could Correct

From here, there are primarily psychological resistance levels that are bound to develop around rounded numbers or repeating patterns. For example, $22,222 could cause some trouble for bulls, as well as $25,000, or $30,000.

Fibonacci extensions could also be logical areas where corrections could take place, and include $24,100, $26,500, $30,000, $46,600, and $63,100.

However, given the targets experts anticipate at the height of the next bull market, it is unlikely any of these levels will act as a “top” for crypto.

With $20,000 now cleared, the cryptocurrency is undoubtedly in a new bull market, and the sky is the limit once again.

Featured image from Deposit Photos, Charts from TradingView.com

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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