Bitcoin hitting new all-time highs is much closer than ever, although this Bitcoin rally was predicated on many different occasions by analysts, the digital asset could break $20,000 any time from now. Thanks to yesterday’s bull trend, Bitcoin was able to defy the odds, leading it to surpass the $16,000 levels and breakout to $17,000.
At 16:00 (UTC), Bitcoin broke prior resistance to hit $17,000. The ball was set at 12:00 (UTC) when buyers regained control over the market. After the bulls pushed Bitcoin above $16,800, bullish engulfing patterns preceded for most of that time, until buyers faced a price rejection the moment Bitcoin hit $17,000. However, the inability for the bearish momentum to build-up led to the re-introduction of the bulls into the market.
At press time, Bitcoin is thriving at $17,744 and is well-positioned to break $18,000. Bitcoin has been on a price rally for 7 consecutive weeks and with its unstoppable momentum, it could easily prove critics wrong, beginning with a price breakout from $17,000; the last resistance before Bitcoin topples its 2017 highs and sets a new price record within the market.
Bitcoin is soaring and the bullish trend pattern is enough to convince onlookers that the much-awaited bull run has returned. And yes, some analysts believe this but Bitcoin may still have to prove itself, either by touching $20,000 or surpassing it. The latter could do much more in rewriting Bitcoin’s reputation and revive market interest which may be at its peak for institutional investors but is currently at its lowest for onlookers.
This is evident in Google search queries which have plummeted significantly over the years. It could take a price breakout for the public to pay more attention to Bitcoin, this is one of many other reasons why Bitcoin breaking $20,000 is important for the cryptocurrency market and its community.
When it comes to gains and profit rewards, institutional investors are evidently likely to become the first beneficiaries. From Grayscale owning almost 3% of the world’s Bitcoin supply to Citibank managing director predicting that Bitcoin is expected to hit $318,000 in 2021, it is clear that the traditional market has placed one foot into the Bitcoin market. Meanwhile, traders might want to pay close attention to Ethereum (ETH), which is currently one of the leading altcoins in gains.
Ethereum is also defying analysts’ predictions as it eyes $500 with a current trading price of $473. Its 7% weekly gain should not be overlooked as the following month will become one of Ethereum’s most fascinating. Market hype may build up from now up until staking is over, as such, Ethereum also has the potential to drive a bitcoin-like bull run for its native coin.