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Two Possible Scenarios When Bitcoin Is Very Close To New All-Time Highs

Bitcoin price is approaching its all-time high (ATH); volatility is increasing. What are the possible scenarios for BTC?

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Bitcoin price is in an increasingly steep uptrend and is very close to its historical records.

There are two possible cases here in term of Bitcoin Price.

Specialists think that now is the time to buy Bitcoin.

The Bitcoin’s price has reached a technical price range of $ 17,000 / $ 20,000, in a crypto market where BTC’s dominance is still large. Trading volume remains significant, and the growth momentum is expediting.

Analysts believe the market has reached a risky area, volatility will rise, and the market may consolidate very soon, which would be beneficial for an underlying uptrend.

Bitcoin is clearly on a strong push to its all-time highs of $ 19,600.

There are two possible market cases: the first is an immediate bullish technical breakout, without pause, i.e., maintaining the current momentum above $ 20K. The second is a deep correction, logical profit-taking after two months of sharp growth before the price increase resumes. Analysts watch out for any bearish divergence that appears to be reigning. Currently, they are not. Be careful because the first tangible mid-term support is at $ 13,900.

Originally published at https://thecryptobasic.com on November 23, 2020.

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