Although the bitcoin price dropped on November 3 with mixed data from the US, it has risen again as of today. The BTC / USD trading pair broke the record of the year, going up to $ 14,220 on the Bitstamp cryptocurrency exchange. Although this level goes down in history as the highest price of $ 20,000 ago, experts point out that the $ 20,000 record could soon be broken.
In fact, although the whole agenda on social media is focused on the US presidential elections, some of the interest may shift here when the Bitcoin price rises to $ 14,000. The reason behind this momentum of BTC, which is on the rise with the announcement about Ethereum 2.0, may be a little different.
Bitcoin hits 2020 all time high of $14,200!
— Dan Held (@danheld) November 4, 2020
Joe Biden News Is The Trigger For Bitcoin Price
The continuation of results in favor of Joe Biden from the polls in the USA was the turning point for BTC. Bitcoin has seen a sharp rise especially after the increase of these news and when looking at the 3-hour candlestick chart, it is seen that someone or someone is buying heavily. The rumor that Joe Biden will approve a heavily loaded Coronavirus stimulus package may be the main reason behind this purchase.
So, can the leading cryptocurrency go above the $ 20,000 record, as predicted, in the continuation of this trend? Crypto money analyst Can Özsüer stated in his statement on the subject that $ 14,000 is actually the only significant resistance. According to the analyst, in the continuation of this, BTC is empty up to $ 20,000. Özsüer thinks that “things will get a little messy” with the break of $ 20,000.
FomoHunt co-founder Crypto Tytan stated that there is only a 35-day difference in resistance between $ 14,000 and $ 20,000. Stating that BTC had previously risen from $ 14,000 to $ 20,000 in just 35 days, Crypto Tytan emphasized that BTC has already broken through the .382 Fibo retracement level, which is an important resistance point.
There are 35 days of built-up resistance (from Dec. 2017 – Jan. 2018) keeping us from reaching $20K.
Just 35 days. That's it.
— Tytan Inc. (@Tytaninc) November 4, 2020
As can be seen from the analyst’s chart, the only resistance between $ 14,000 and $ 20,000 stands out at $ 15,934. So both domestic and global analysts think that the next $ 20,000 record is for BTC.
Deep Blue, one of the well-known analysts, claims that if the Bitcoin price rises above $ 20,000, we can go through a period similar to the altcoin season in 2017. According to Deep Blue, BTC is only a few months ahead of this record.