If Bitcoin Passes $14K, Analysts Say Traders ‘Should Look to $20,000’ Instead of Looking Back
While bitcoin prices touched all-time 2020 highs on Tuesday, a few analysts say they are expecting only a few more hurdles to surpass the 2017 all-time high (ATH). For instance, the market analyst from Etoro, David Derhy, says to look to $20,000 instead of back at $12,000.
A few traders and popular cryptocurrency analysts think that bitcoin (BTC) simply needs to cross the $14k region and its lift-off from there. Tuesday’s 2020 ATH of $13,684 is just shy of last year’s ATH at $13,796 per bitcoin which was accomplished on June 26, 2019.
Macro strategist Raoul Pal said on Tuesday that there are only two major BTC price resistances left. “There are literally only two resistances left on the bitcoin chart – $14,000 and then the old all-time high at $20,000,” Raoul Pal tweeted on Tuesday. “I fully expect new all-time highs by early next year at the latest.”
Senior market analyst for Etoro, Simon Peters, explained this week in an investor’s note that “stimulus fears could stoke the fire for bitcoin.
“We may also see an uptick of inflation, another important aspect of Satoshi Nakamoto’s view of modern economies that drove him/her/them to create Bitcoin,” Peters wrote. “It will also be interesting to see how this impacts the correlation between bitcoin and equity markets.”
“Okex futures order book asks being pulled/executed at market in the last few days as BTC consolidates,” the popular crypto analyst dubbed ‘Light’ told his 25,000 Twitter followers on Tuesday. “A move above $14k in the near term is increasing in probability,” Light added.
In the same investors note, market analyst from Etoro, David Derhy, detailed that people should “look to $20,000 instead of back at $12,000.”
“The current run could simply push through all the way to $14,000,” Derhy wrote this week. “If that is the case, then the next level from a technical and fundamental perspective would be $20,000. With the U.S. election coming up next month, further economic stimulus from the government is going to happen even if the size of that stimulus is still up for discussion. I am of the view that we won’t see a drop back down below $12,000 for a while yet.”
Just recently, the ‘Oracle’ Vinny Lingham said similar statements and doesn’t expect the price to drop below $12k during the next 30 days.
Meanwhile, bitcoin’s (BTC) hashrate has seen a 45% slump during the last three days.
What do you think about the price pushing past the $14k zone and do you think $20k is coming next? Let us know what you think in the comments section below.
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