Bitcoin Breaks Above $ 18,000 but Fails to Hold it`s Position

Kataryna Habeliia November 18, 2020

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Bitcoin Breaks Above $ 18,000 but Fails to Hold it`s Position

The cryptocurrency market continues to hit highs, with bitcoin hitting its highest level this week since January 2018.

During today’s trading, BTC reached $ 18,164. However, a pullback soon followed, and now the coin is holding around $ 17,886.

Analysts and traders are optimistic. Many of them no longer doubt that Bitcoin will not only reach $ 20,000 by the end of this year but will also be able to test higher values. BTC capitalization is approaching $ 330 billion and the value of all digital currencies in the middle of this week reached $ 510 billion.

Independent financial consultant Alan Masters analyzed the situation on the crypto market in his blog and came to the conclusion that BTC will continue to renew its highs. Bitcoin will be trading at $ 30,000 by May 2022.

According to the expert, the technical indicators of the cryptocurrency are now in very good condition. For the first time since December 2017, the RSI indicator rose above 80 points. This means that the expansion will continue.

What analysts associate the growth of Bitcoin with?

The value of bitcoin has risen more than 250% since mid-March. Analysts such as Mike McGlone attribute the BTC rally to investor fears that inflation will accelerate.

Central banks have introduced near-zero rates to stimulate business activity. In parallel, they turned on the printing press and began to flood the markets with fiat money. The profitability of traditional instruments is decreasing, which forces players to leave them and invest in alternative assets.

In addition to Bitcoin, gold is likely to continue to rise in price. The main advantage of these two tools is their independence from the authorities, said earlier billionaire and BTC supporter Mike Novogratz.

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