Bitcoin trades above its previous ATH and hits a fresh one this time at $22.3k just before the closing of yesterday’s trading session, dated December 16, 2020. Currently, it is trading with slight correction but maintains its stance above $22k. Exactly after 3 year of consolidating in the lower price range, BTC spurred against the US Dollar to breach $20k, $21k and $22k as well.
Even though Bitcoin corrected to yearly supports as low as $3600 in March when the global markets banged due to COVID-19 pandemic, it is still hitting an All-Time High at $22.3k. This clearly reflects a rise of over 500% in less than 12 months of a year.
It was until the consolidation period before the onset of this quarter in October when people were believed to loosing hope in Bitcoin and it was surrounded by negative controversies as to it going to 0 sooner than later. One of the many critics of Bitcoin was Peter Schiff, blindly believed in investing in Gold, Silver or alike but never fall for the largest cryptocurrency by market capitalization which in his view was nothing but sheer manipulation.
Those claiming strong U.S. economic growth in 2021 will be bearish for gold are wrong. 2021 will be a year of inflation, not true growth, with any nominal gains in U.S. GDP being wiped out by real losses in the purchasing power of the dollar. This is extremely bullish for #gold.
— Peter Schiff (@PeterSchiff) December 15, 2020
However, with the current rise in Bitcoin price, one of the top and known critics, Peter Schiff is believed to claim that he was wrong in not trusting the power of Bitcoin. He clearly trusts in an extreme bullish crossover for Gold in the next year and until BTC spiked to an ATH, it seemed a possibility as well.
Has anyone checked in on @PeterSchiff today?
— Tyler Winklevoss (@tyler) December 17, 2020
Little did he know that Bitcoin could twist the tables and go ahead to be one of the most expensive investments even before the onset of 2021, at least expensive that Gold.
Bitcoin Price Analysis
At the press time, Bitcoin was seen drawing a clear bullish spike above $22k and on the 4-hourly chart, we see a clear price movement of BTC/USD after having breached the consolidation range of $18.9k to $19.5k majorly. Bitcoin price when dipped below this consolidation zone as low as $16.1k before the onset of the ongoing month.
Alongside, a clear rise in BTC price is also reflected since the beginning of the ongoing quarter until the last week of the previous month, just before volatile consolidation splurged in.
And alongside, if we emphasize on the intraday movement of Bitcoin against the US Dollar, we see that the price trend is seen breaching the upper band and retains complete support from 50-day and 200-day daily MA. It was right after the midday yesterday, when BTC strengthened and showed a clear rise above $20k with a long bullish candlewick. Since then, Bitcoin has been trading above $20k and $21k and has a grounded support at $21.4k and $20k on the intraday chart.