Bitcoin price: good chances for a new all-time high
The Bitcoin price continued to rise significantly over the Christmas holidays and shot up by 25 percentage points in the meantime. A new all-time high is not unlikely. This bullish development also caused the market dominance of the leading currency to rise to a new high for the year at 72.01 cryptocurrency.
Bitcoin (BTC): Breakout boosts BTC price by more than 20 percent
- BTC price: USD 26,937 (previous week: USD 22,960)
- Resistances/targets: 28,398 USD, 29,748 USD, 35,075 USD 40,407 USD, 43,703 USD
- Supports: 25,752 USD 24,298 USD, 23,887 USD, 21,892 USD 21,113 USD, 19,884 USD, 18,488 USD, 18,005 USD, 17,581 USD
After the BTC price was able to generate a new all-time high in the previous week, peaking at USD 24,298, investors took advantage of the bullish momentum in the Bitcoin Code market and surged to a new all-time high beyond USD 28,000 yesterday, Sunday 27 December. Starting from this price level, the first profit-taking set in, causing the BTC price to consolidate to currently USD 26,715. After this brilliant price increase, the reserve currency is currently catching its breath and reducing its overbought condition. The price correction towards USD 20,000 mentioned in the previous week’s analysis has so far failed to materialise. Instead, a new future gap has formed, which will only be closed with a price correction to USD 23,710.
Bullish scenario (Bitcoin price)
The price trend of the leading currency Bitcoin can still be seen as very bullish. Although the BTC price corrected from its new all-time high in the last 24 hours by around 6 percentage points to currently 26,727 USD, it would be presumptuous to speak of a reversal. As long as the BTC price remains above USD 24,298 and preferably north of the previous day’s low at USD 25,752, the chances of a renewed attack towards the all-time high are quite good. If the bulls manage to break through this chart level upwards, the next important price target in the area of the 161 Fibonacci extension from the monthly chart at USD 29,748 will come into the focus of investors.
At this chart level, renewed profit-taking is to be expected. If the bulls manage to push the price of the key currency above USD 30,000 in the coming trading days, a march through to the maximum price target for 2020 at USD 35,075 is conceivable. This is the 361 Fibonacci extension of the current upward movement. If the demand for bitcoins remains unbroken at the beginning of the coming year, a continuation of the bullish price rally towards USD 40,407 and a maximum of USD 43,703 cannot be ruled out. As long as the BTC price does not correct back below USD 22,000 and a maximum of USD 19,884, the chances for a price increase beyond USD 30,000 remain good.