After crossing the previous ATH of $20k last week, Bitcoin has marked a tremendous price surge and recently recorded a new ATH around $24200. However, the recent pullback takes the BTC price around $22k. Still, the market sentiments remain bullish for the largest cryptocurrency.
This is the longest-innings of green-candles, the previous one dating back to June 2019, when the cryptocurrency saw eight consecutive candles. The internet has been flooded with opinions and comments in favor of Bitcoin all weekend.
Working harder to earn a currency made weaker to invest in assets growing riskier is a road to serfdom. #Bitcoin is the path to prosperity.
— Michael Saylor (@michael_saylor) December 20, 2020
Even Elon Musk got into a discussion about converting Tesla’s balance sheet from USD to BTC. Replying to a tweet by Michael Saylor, Elon seemed curious about the possibility. This further favors Bitcoin investors and traders as the thought leaders command a massive following across countries. Michael Saylor terms the recent rise of the Bitcoin as a global paradigm shift in the history of money, and the market performance of Bitcoin agrees with him.
The 1-Day chart of Bitcoin from BTC/USD Bitstamp shows many suggestions regarding how the market will move soon. As Bitcoin navigates the unchartered price discovery territory, there is no apparent resistance to the market’s bullish sentiment. However, due to recent correction, experts are of the view that there will be a price correction soon.
The first level of support ranges between $23,000-$23,200, accompanied by the first green ascending trend-line. In the chart below, we can see a 0.236 Fibonacci Level around $22,250, followed by the 0.382 and 0.5 Fibonacci levels with a price of $21,405 and $20,673, respectively. The chart outlines the rise and falls in BTC prices starting from the previous all-time high of $20,000 in December 2017.
Investors and traders alike will remain bullish for Bitcoin price, and we will continue to see an uptrend in the price of the world’s leading cryptocurrency by market capitalization. With various central banks announcing their digital currency initiatives within the last few months, we witness a historic moment of history where cryptocurrency cements its position in the finance and banking industry.