Bitcoin goes up steadily, will the next target be a historical high?

by admin .

While Bitcoin is rising steadily, the U.S. dollar continues to weaken and major stock markets are strengthening, demonstrating investors‘ high interest in risky assets.

Although we were seeing the perfect storm for a new market collapse, Biden as the new president of the United States, a 90% effective vaccine against Covid 19, and a trade deal in Asia, has been changing investor sentiment.

Few impulses in BTC’s history have lasted as long as the current one. And even though it is not yet as strong as the one seen in 2017, it may still surprise us.

The institutions continue to store Bitcoin Optimizer as it goes up, which says they have a clear vision for the long term.

The artificial intervention of central banks on financial markets is becoming one of the main providers of greed to investor sentiment.

Dan Tapiero, a microinvestor, says we should expect more liquidity injections. This generates a scenario in which Bitcoin, gold, silver and other assets that function as hedges against inflation will undoubtedly benefit.

Bitcoin fell this Saturday after reaching USD 16,400

The big guys don’t want to sell, but technical analysts are starting to see signs of exhaustion

Also, the amount of BTC available in the exchanges is in free fall, and the speed of production of new currencies was recently halved. In general, supply is decreasing at a rapid pace.

Although these are undoubtedly upward signals, this does not mean that the price escapes the totally natural and necessary corrections for healthy growth.

Michael van de Poppe, technical analyst, tweeted yesterday his vision of the markets today, summarizing with the following words: „we are at a crossroads of direction. He thinks that if Bitcoin breaches $15,500, we’ll see a correction towards $13,000 or less.

The market in general is at crossroads of direction.

Breaking below $15,500 and I assume we’ll see a correction across markets with $BTC to possibly $13,000 or lower.
– Crypto Michaël (@CryptoMichNL) November 15, 2020

Tone Vays, crypto and youtuber analyst, thinks the top of the current momentum could be between $17,000 and $18,000. He also believes that the current momentum will not take us to historical highs.

Another crazy week in #Bitcoin land, Here is the TL;DR pic.twitter.com/pQ7XandULVXe
– Tone Vays (Unconfiscatable.com) (@ToneVays) November 16, 2020

The statistician Willy Woo exposed through his Twitter his vision of the current situation, and explains that we are in the typical scenario to buy when the price goes down, basically produced by the currencies that come out of the exchanges as new users arrive to the ecosystem.

Weekend trading setup:

Shaking off some bearishness technicals (4h RSI div, 8h TD9).

Short and mid term on-chain fundamentals bullish, more coins scooped off exchanges, more users arriving.

Buy the dip scenario.
– Willy Woo (@woonomic) November 14, 2020

Bitcoin is rising steadily, but the price chart already shows exhaustion

When analyzing the weekly BTC vs USDT chart, we notice a very developed momentum that has just met significant resistance at the $16,130 level.

The 8-week EMA and 18-week SMA moving averages are crossed up, and far from the current price. They may work as dynamic supports if BTC is looking to pull back soon.

Already the candle that closed yesterday is of much lower volume than the previous ones, which begins to show exhaustion.

If Bitcoin manages to break through the resistance it’s currently at, the ground will be cleared towards the zone of historical highs. Even this is likely, however, I’m going with the scenario where we first see a correction.