The real hurdle Bitcoin (BTC) has to overcome is $ 20,000 – close to its all-time high. Even if the record high on the major stock exchanges varies, BTC has already reached its high on some stock exchanges.
Bitcoins weekly price chart.
However, the whales have not pulled BTC off the exchanges to the same extent as in recent months. In addition to this trend, stablecoin inflows have also slowed. The combination of these two trends could cause BTC to see a pullback near $ 20,000.
What happens above $ 20,000?
In the short term, $ 20,000 could be a difficult level to break. This could result in a new range between $ 19,400 and $ 20,000.
The variable persists when there is enough buyer demand to go beyond $ 20,000. Whales tend to sell when there is prime liquidity in the market.
So if whales sell, BTC could see a pullback near or above its all-time high. Ki Young Ju, CEO of CryptoQuant:
“I spoke of a short-term bear market due to miner sales, whale activity on the stock exchanges and a lack of whale withdrawals. but I knew enough stablecoin reserves on the exchanges would break $ 20,000 by this year. If there is an ATH denial, it could be a huge pullback as the whales would sell BTC heavily. „
Shortly after Bitcoin topped $ 19,800 on Coinbase and other exchanges, BTC saw a sharp sell-off to around $ 19,100 – as Ki had predicted.
However, if Bitcoin exceeds $ 20,000, it would mean Bitcoin is getting into pricing.
Background: In technical analysis, the term “pricing” refers to a scenario in which the price of an asset hits a new high. In the absence of historical resistance levels, this would allow Bitcoin to look for a new cap.
So there is no specific high that Bitcoin looks to when it crosses $ 20,000. The options market seems to be anticipating a range of $ 36,000 to $ 50,000 as the next high for BTC.
With a BTC of over $ 19,500, all of the circulating bitcoin supply is profitable, indicating the strength of the current bull run.
