Bitcoin seems to meet investors’ expectations as it reclaims its winning streak with a bullish breakout for the past two days now. Moreover, it was towards the closing of yesterday when it breached above $13k with a brief bearish candlewick against the US Dollar, and no wonder the intraday pullback isn’t that steep, and the coin maintains strict support at $12.7k and $12.5k, at the time of writing.
However, in the previous quarter, Bitcoin was seen facing consolidations and, therefore, was surrounded by controversies such as Bitcoin hitting the ground bottom forever. The loyalists and the Bitcoin lovers failed to succumb to these controversies, and just before a new wave of bull trap could have possibly taken place, BTC led to the most expected bullish crossover of the year.
#Bitcoin to $20,000 any week now 🚀
— The Moon 🌙 (@TheMoonCarl) October 21, 2020
With the current positive sentiment of BTC/USD marked on the daily chart, it will not be an over expectation to see the coin hitting a fresh ATH. However, the question that lies is; Will Bitcoin hit a fresh ATH before the end of the year or not?
$20,000 by Christmas is a very real possibility for #bitcoin! Could happen sooner, this market is a powder keg right now
— Lark Davis (@TheCryptoLark) October 21, 2020
Alongside, the price dynamics are supported by the platform’s well being that just got elevated when the world’s one of the largest online payment processors—PayPal, launched a new service just yesterday which will enable the crypto investors to buy, hold and sell 4 major cryptos, i.e., Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
Additionally, the major catch here is, back in 2018, Bill Harris, PayPal’s founding CEO has said, “Bitcoin is the biggest scam in history.” Here we are, two years down the line, PayPal now supports Bitcoin and the other three cryptos.
April 27th 2018
'Bitcoin is the biggest scam in history'
– Founding PayPal CEO, Bill Harris
— Shalini⚡ (@DesiCryptoHodlr) October 22, 2020
Bitcoin Price Analysis
Today, at the time of penning down this analysis, Bitcoin price was trading close to breaching $12.8k with a bullish candlewick breaching the upper band after the most awaited breakthrough of the year. Before the closing of yesterday’s trading session, BTC price crossed above $13k, and with a slight pullback, it is trading close to the major resistance marked at $13k.
Moreover, if we emphasize on the Month to Date movement of BTC/USD, we see that the coin is trading fairly well with a conformed positive signal in the market. In this regard, the coin is retaining complete support from 50-day and 200-day daily MA at $11.9 & $11.3k, respectively.
The technical confirms the string bullish sentiment of the market as the MACD line crosses above the signal line and maintains the stance yet after the intraday pullback. The RSI is strictly inclined towards the overbought region due to price-led increased demand lying at 70.03.