Just like every asset is expected to hit a record price at a point in time, Bitcoin has finally hit a new all-time price after three years. Bitcoin is now officially trading in the $20,794 region, a price that confirms that the leading digital asset has broken a record that was last set in 2017.
Even though many analysts have noted that it was harder for Bitcoin to reach the all-time figure in 2017 compared to now because the digital asset had little popularity. Despite everything looking smooth on the way to hit this latest figure, Bitcoin has had to endure certain obstacles on its way.
Bitcoin has gained so much after the Black Thursday
One notable event that took place around the beginning of the year was the Black Thursday event that took place in March. The Black Thursday saw Bitcoin lose half of its value at that time with the digital asset trading at $3,500 after moving from around the $7,000 region. With Bitcoin seeing a decline, other digital assets, including Ethereum followed suit.
Despite Bitcoin having a torturing yearly journey to hit its current milestone, the leading digital asset moved swiftly on its way to touch the milestone looking at it from a weekly perspective. The digital asset sold for as low as $19,100 last Sunday as it recorded a very massive move to reach above $20,000 figure today.
With the move being one of the fastest, traders and investors were highly convinced that the digital asset was going to hit the all-time figure before the end of 2020. With Bitcoin hitting the all-time price and analysts predicting a higher rise, it is only a matter of time before the digital asset reaches $30,000. With the digital asset already retraced and trading around $20,700, it is only a matter of time before it hits it’s new all-time high record again.
Analysts say Bitcoin still has room for more growth
According to a report from analysts at Crypterium analytics, Bitcoin is poised to touch the $21,000 and $22,000 region before it makes a natural decline. In an analysis that was shared by the team before Bitcoin broke its all-time high record, the team said that no one could predict what will happen next with Bitcoin. The more it continues to take time to reach $20,000, the more likely it is for the coin to undergo a declining run.
“We are convinced that very convinced that Bitcoin will hit the $20,000 mark before the end of the year”, the analysts said. Taking a look at analytics, we can deduce that Bitcoin is in unchartered waters, but it can be comfortable that it is around a known $20,000 region. With Bitcoin hitting this level, it has yet again created a new support level which will determine how the digital asset moves from now henceforth.
Some key factors show that Bitcoin still has room to make another surge. The MACD level shows that Bitcoin is about to move farther above the bullish line while the trade volume is in the green zone. Other factors are the digital assets MFI, which is around 53; a figure regarded as a neutral zone. Finally, the RSI is still at 69, a very responsive value.
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