Bitcoin (BTC) reached the landmark price of $14,500, on Nov. 4 in the midst of the US national elections. This milestone was attained on the back of increased trading activity across multiple exchanges that helped the leading cryptocurrency to break the pivotal $14,000 resistance level.
The recent gains saw Bitcoin reach its highest level since Jan. 2018. At the time of writing, the top digital asset is maintaining an upward trend, trading at $14,850 and is on course to breach another critical price level of $15,000. If Bitcoin crosses this resistance level, then it will be on course to hit new highs by sustaining its current bull run according to industry insiders.
On Wednesday, Bitcoin trader and startup investor, Keith Wareing, confirmed this prediction stating via this tweet that Bitcoin was poised to reach $17,000 if it breached the $14,400 level.
Waiting for #bitcoin to break $14,400 or get rejected.
For me this is the level to get passed before a relatively clear run to $17k
— Keith Wareing (@officiallykeith) November 4, 2020
Wareing was not alone in making this call, with popular Twitter-based Bitcoin analyst known as The Moon sharing similar sentiments. The analyst predicted that Bitcoin was set to rise even further if it could break past the $14,500 level via this tweet.
Something I'm watching here on the 1-hour timeframe on the #Bitcoin chart. If we break $14,500, then we could see another huge candle to the upside. pic.twitter.com/R0760eQG4i
— The Moon (@TheMoonCarl) November 5, 2020
Having already broken past this resistance level, it remains to be seen whether the forecasts about the leading cryptocurrency will come to pass.
Many within the crypto space expect that Bitcoin will now maintain its upward trajectory that could see the virtual asset surpass its All Time High recorded in Dec. 2017.
The recent landmark Bitcoin price has been a long time coming considering the virtual asset’s performance over the past six months. The cryptocurrency did not take long to recover from its massive slump in March 2020 and has not looked back since then.
Bitcoin has gone from strength to strength, reaching and surpassing some key milestones along the way. This consistent building has been the foundation upon which the current bull run is founded. This fact was not lost on the crypto community with Binance, the leading exchange in the space tweeting that Bitcoin had achieved a 2 in 1 milestone with its recent price breakout.
#Bitcoin 2-in-1 pic.twitter.com/GAUjalFvdg
— Binance (@binance) November 5, 2020
Considering that Bitcoin price has remained over $10,000 for 100 consecutive days, the virtual asset seems to have established a solid foundation on which it can build a bull run from. With the market being extremely bullish at the moment, then it will come as little surprise if Bitcoin pushes through the $20,000 price level in the coming weeks.
Image courtesy of flipboard
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