Bitcoin price is expecting both bullish and bearish trends in the future and is quite unpredictable at the moment. Bear scenarios include increasing deposits of Bitcoin from whales to the exchanges as well as the lack of BTC retests regarding the important levels of support. The cases of a bullish trend will be based on the activity of HODL, address activity, market cap difference between gold and Bitcoin price, and the encouraging BTC structure.
As Bitcoin price surpasses the all-important level of $18,500, it proves to be a critical cycle for the near-term prices. Huge orders of sale just above the Bitcoin price level of $18,500 functioned as a significant resistance zone. In the previous attempts to surpass $18,500, BTC rapidly declined in a very little time. However, this time, Bitcoin has managed to exceed the level of resistance very easily and mark a clear breakout.
Bitcoin Price Bearish
Although the technicality seems to be strong for the Bitcoin trend, the whale data signifies that selling pressure might become severe in the coming days. Cole Garner, an analyst, has recently stated that in the tank there might be one remaining off-leg blow. Bitcoin price witnessed Blow-off top on 18th November when the price suddenly declined to $17,214 from a massive $18,476 within a span of a mere couple of hours.
As the market has gained a strong momentum that has been above the resistance level, Bitcoin price has managed to stabilize at a level over $18,000. On 20th November, Bitcoin price reached an all-time high for the past two years at $18,828. Analysts have been wary about the future rally of BTC.
The ratio of Exchange Whale of Bitcoin measures the selling pressure since it reveals the predicted amount of BTC which investors of great net worth deposit in the exchanges. When investors want to sell those, analysts can track them. According to Sasha Fleyman, once Bitcoin prices surpass $20,000, the important macro-level of support will be $13,716.
Bitcoin Price Bullish
Since Bitcoin price overtook $18,500, analysts think Bitcoin has a positive future.
Guy Hirsch has said that BTC will waste no time to target higher given the favorable circumstance for cryptocurrency in the stock market.
Before breaking out the $18,500 price level, Bitcoin left a structure of sideways that was generated in the prior 48 hours. Following the breakout, the Bitcoin rally will soon be targeting an ATH of a whopping $20,000.
BTC has also touched the $10 trillion market cap of gold.
Cryptocurrency will have a good run with the rapid success of Bitcoin.