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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin Hitting $20,000 in Early 2021 is “Highly Unrealistic:” Analyst

Yashu Gola
Yashu Gola
1 year ago
2 mins read
Bitcoin, BTCUSD, XBTUSD, cryptocurrency

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Bitcoin has every likelihood of touching its previous record high of $20,000. But, one should not expect it to happen in early 2021, says a TradingView analyst.

The pseudonymous entity, operating under the alias of ‘XForceGlobal,’ said the significant upside move is “highly unrealistic,” given the public interest in Bitcoin is nowhere near the Google trend levels of late 2017/early 2018.

Additionally, the market lacks the hype that propelled the cryptocurrency to $20,000 earlier. That is visible in the lack of fresh capital entering the Bitcoin space in 2020. Nevertheless, bids are growing higher due to supportive fundamental and technical catalysts, mainly concerning the devaluation of the US dollar.

“I believe more and more that the market lengthening cycle is at play here,” the analyst added. “And unless your neighbors are talking about buying Bitcoin, this market is currently playing with ‘recycled’ money.”

Bitcoin, Google Trends, BTCUSD
An analysis of the keyword ‘Bitcoin’ shows a comparatively lower public interest than in 2017. Source: Google Trends
An analysis of the keyword 'Bitcoin' shows a comparatively lower public interest than in 2017. Source: Google Trends

Bitcoin rose by more than 200 percent after crashing to $3,858 in March 2020. Its rally borrowed cues from the Federal Reserve’s decision to keeping interest rates near-zero and to purchasing government and corporate debt “as long as needed.” Furthermore, an injection of $2 trillion via US Congress’s coronavirus relief bill into the economy further improved the cryptocurrency’s upside bias.

Mature Asset in Making

XForceGlobal highlighted the negative correlation between Bitcoin and the US Dollar Index (DXY), a barometer to measure the greenback’s strength against top foreign currencies, noting that the latter is driving the former’s “real price action.”

The analyst also spotted Bitcoin in a so-called “growth cycle phase,” wherein the cryptocurrency’s investors have become more mature and accustomed to its style of trends. There is no “dumb money” in the market that could shoot the Bitcoin price from $13,000 to $20,000 in just one week, as was the case of the 2017 and 2019 bull runs.

Bitcoin, BTCUSD, XBTUSD, cryptocurrency
Comparing Bitcoin’s recent bull runs. Source: BTCUSD on TradingView
Comparing Bitcoin's recent bull runs. Source: BTCUSD on TradingView

“Bitcoin’s 202 bull run creates a series of “HIGHER LOWS,” which is extremely healthy for the overall picture,” he added. “It may be good for “buying the dips.”

Bitcoin Cup and Handle

The analyst then presented a super-bullish outlook for Bitcoin that may also see a period of a bloodbath in the market.

Dubbed as Cup and Handle, the technical pattern comes to life after an asset’s price moves sharply in an upward direction. After that, the market begins to sell-off, causing the price to retrace downwards slightly. That forms the ‘Cup’ section of the pattern.

As the price continues trading upward, it retraces once again – this time more gradually as it forms the ‘Handle’ section of the pattern. Finally, the price breaks out to the upside.

Bitcoin, BTCUSD, XBTUSD, cryptocurrency
Bitcoin Cup & Handle pattern, as highlighted by XForceGlobal. Source: BTCUSD on TradingView.com
Bitcoin Cup & Handle pattern, as highlighted by XForceGlobal. Source: BTCUSD on TradingView.com

That said, the analyst expected Bitcoin to fall lower to complete the ‘Handle’ section. A breakout above the overall pattern would put the cryptocurrency en route to $20,000 – slowly and steadily.

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Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

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Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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