Analysts and experts are now convinced that the path to $20K for bitcoin (BTC) price is now wide open after previous resistances implode. On November 20, 2020, BTC surged to over $18,800, a level that is around $1,250 off its all-time highs from 2017.
On Friday, the flagship crypto hit new highs above $18,750 as its latest strong bull run continues to attract investors. Data acquired from Coin360 and TradingView showed BTC/USD surge sharply after it reclaimed the $18,000 level. In the process, the crypto broke past the previous high of $18,420 and it continued to surge.
The cryptocurrency recorded a 3-year high of above $18,817, up 5.5% on the day and close to its all-time high. So far this week, bitcoin has gained over 16% which is its biggest weekly gain since June 2019. For the year, the crypto is up by more than 160% making it the best performing asset by far this year.
At the time of writing, bitcoin seems to be consolidating above $18750 awaiting the next price action. The latest gains come as the altcoin market also starts to hit historical levels that have remained untested for a few years.
While commenting on the market’s current strength and future predictions, the co-founder of Fundstrat Global Advisors, Tom Lee, was more bullish than ever. He said:
“The halvening happened this year, which of course historically is good for price, bit history also says that the year following the halvenings is much more important. Bitcoin was the best performing asset last year, 2019. It’s killing it this year; it’s just crushing all other hedges and asset classes this year, 2020. But in 2021 I think Bitcoin could be the year of the fireworks, so if people are interested, they really should realize that the best is probably yet to come.”
Data acquired from Skew show the extent that bitcoin has outperformed macro alternatives. BTC’s year-to-date returns have reached 160%, while its rival gold has managed 22%. S&P is even less appealing gaining 10.9%.
Institutional investors are starting to gain confidence in bitcoin, which might be driving the price of the biggest crypto even higher. The crypto seems to be gathering momentum to push it to new all-time highs. How high will bitcoin go? Time will tell.