Bitcoin Price Review: Week 46–2020
Bitcoin is likely consolidating but gaining strength before rising further to new all time highs.
As of writing, the price of bitcoin is $15,906. The world’s largest cryptocurrency is up in price by almost 4% over the last 24 hours. Week over week, bitcoin has seen an impressive 13% price increase. Bitcoin looks to be gaining strength and establishing new baseline support levels.
$16,000 Is Significant
Bitcoin’s steady rise into the high $15,000s is noteworthy. While we could see continued increases in price, don’t discount a possible plateau at or pullback from $16,000 for a period of a few weeks.
Some analysts are calling for a pullback once bitcoin reaches $16,000 levels, followed by BTC bouncing around the $14,000–16,000 range.
No matter what bitcoin does at $16,000, it’s important to note that the top cryptocurrency is up roughly 70% on the year. 2020 has been a year of bullish indicators for bitcoin. Week 46 is further confirmation that these indicators are reinforcing long term support.
