• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / Bitcoin News / Bitcoin Price Prediction: Is BTC passing $20k this week?
Bitcoin

Bitcoin Price Prediction: Is BTC passing $20k this week?

November 23, 2020 by Utkarsh Gupta

Bitcoin is currently undergoing a rich performance period, as the King’s coin has overtaken multiple key levels in the past few weeks. Between October and November, Bitcoin was above 80 percent, currently valued just above $18,500. lIt was pretty obvious that Bitcoin was closing on its all-time high valuation of $20,000, but what are the chances that this might happen over the following week? Let’s find out.

Bitcoin hourly chart

BTC 1 e1606135651433

The short-term chart was under a strong bearish cycle over the past 24-hours. Bitcoin first dropped down to $17,610 and then re-test again at $18,000 after rising to $18,300. With respect to the charts, the asset is currently exhibiting a rising wedge pattern which is extremely bearish. At the moment, the immediate support is position at $18,000 and $17610. Ideally, the price should drop but we need to note that BTC has nullified other bearish patterns over the past couple of months.

Relative Strength Index or RSI suggested that the price may pump again over the next few hours, taking the valuation close to the last resistance at $19,350. MACD exhibited a present bullish trend as well.

Bitcoin hourly chart

BTC 2 e1606135689623

The long-term was more bullish than the short-term at the moment. Indicating the formation of a bullish flag, the pattern seems like it is approaching its last bullish breakout before ascending to a new high above $20,000. The long-term remained at $17,500, which was tested over the past 24 hours.

The position of Awesome Oscillator was still bearish though. As pictured, the bullish momentum seemed to be taking a bearish shift in the charts at the moment, but the collective market remained positive.

Verdict

It is hard to bet against Bitcoin after the asset has reached this high in the last couple of months. While the price charts scream of a depreciating run at the moment, the retail momentum may possibly take it above $20,000 over the current week. A quick re-test will be definitely one of the outcomes, but the largest asset will attain $20,000 for the 2nd time in its history.

Filed Under: Bitcoin News, News Tagged With: bitcoin price, Bitcoin Price Analysis:

Primary Sidebar

Recent Posts

  • Bitcoin reaches $29k ‘floor-price’; Where is the next rally headed? January 22, 2021
  • Is Ethereum [ETH] Gliding Down Below $1K? January 22, 2021
  • Komainu To Work With UK Regulators By Storing Seized Crypto January 22, 2021
  • Origin Protocol Has Kick-Started Compensation Process Of Its $7M Attack January 22, 2021
  • Chainlink [LINK] Bulls Are Rigorously Buying Dips January 22, 2021


Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2021 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.