Bitcoin Price Review: Week 46–2020

Bitcoin is likely consolidating but gaining strength before rising further to new all time highs.

As of writing, the price of bitcoin is $15,906. The world’s largest cryptocurrency is up in price by almost 4% over the last 24 hours. Week over week, bitcoin has seen an impressive 13% price increase. Bitcoin looks to be gaining strength and establishing new baseline support levels.

$16,000 Is Significant

Bitcoin’s steady rise into the high $15,000s is noteworthy. While we could see continued increases in price, don’t discount a possible plateau at or pullback from $16,000 for a period of a few weeks.

Some analysts are calling for a pullback once bitcoin reaches $16,000 levels, followed by BTC bouncing around the $14,000–16,000 range.

No matter what bitcoin does at $16,000, it’s important to note that the top cryptocurrency is up roughly 70% on the year. 2020 has been a year of bullish indicators for bitcoin. Week 46 is further confirmation that these indicators are reinforcing long term support.

Is $20,000 Next?

We’re now over 100 days and counting where bitcoin has remained above $10,000. We noted at the end of September when bitcoin passed 60 days above these levels. The top cryptocurrency continues to look bullish.

Bitcoin is indicating overbought conditions, meaning a small correction or pullback is likely. That said, there is consensus that a push toward $20,000 before the end of 2020 remains on the table.

Short term, $16,000 levels may not hold. Long term, bitcoin remains bullish though. That means that a push toward all time highs is possible in the medium to long term. Some predict it could happen as early as end of year.

Others see bitcoin taking a bit longer to reach new highs, but when it does… pushing to unprecedented levels between $100,000 — 300,000 by next year. For now, week 46 continues to indicate that bitcoin is long term bullish in terms of price despite some overbought conditions.

Bitcoin Was Below $9,000 This Time Last Year

Take a quick look at the above chart showing price of bitcoin on 11/10 since 2011. Bitcoin has increased further in less than a day but the year over year trends are still amazing to reflect on.

Thanks for reading! I am not an investment or financial advisor. This is not financial advice. All opinions expressed are mine alone. If you want more content like this, sign up for my weekly email.