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Home Technical analysis BTC

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

Tony Spilotro by Tony Spilotro
1 month ago
in BTC
Reading Time: 3min 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.

bitcoin btc 20000

$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.

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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.

Related Reading | Bitcoin Consolidation At ATH: Expect Shake Outs, Traps, & More Before Next Leg

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?

bitcoin btc 20000 fibsFib 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.

Related Reading | Bitcoin Climbs to Two Weeks High Ahead of FOMC Update; What’s Next?

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
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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