After consistently playing in recent weeks, Bitcoin (BTC) finally topped $ 20,000 for the first time on Wednesday. At the time of publication, the digital currency hovers around $ 20,800.
“We’ve been waiting for this moment for years, and now that #BTC # has finally hit $ 20,000, all games are off,” Chads, a crypto trader and Twitter analyst, told Cointelegraph. “What happens next may go down in history,” he said, adding:
“Are we going to shoot at 30K? Or will we go back to 14K and shape a cup and a handle, or something in between? With this new breakout, you can be sure that $ BTC #Bitcoin will get a lot of attention! ”
Bitcoin has done well in 2020 despite a sharp drop in the currency in March when the price dropped to $ 3,600 amid growing concerns over COVID-19. From there, however, BTC broke the uptrend as it recovered faster than the regular markets, bringing it to the levels seen today.
“I’m in seventh heaven to wake up to Bitcoin that has collapsed by $ 20,000!” Cointelegraph was informed about this by another crypto trader and analyst on Twitter CryptoWendyO. “However, I am shocked by the previous bear market and I am still cautious because the mood is very good,” she added.
After Bitcoin’s last big rally, which ended at its highest in 2017 at $ 1,982.2, the asset plunged into a persistent bear market, dropping to less than $ 5,000 in late 2018 and early 2019.
Looking ahead, CryptoWendyO considers $ 22,500 to be a logical level. She said, “My next target is $ 22,500 as it is halfway between Fibonacci 1 and Fibonacci 1.272,” referring to the Fibonacci price level. “I like to look at things conservatively and expect some action in this area up to $ 25,000.”
In theory, the rise in prices as a whole means that everyone with bitcoin wins, as shown in a recent tweet from Messari boss Ryan Selkis.
In addition to the significant movement in bitcoin prices this year, several big players joined the victory and poured hundreds of millions of dollars into the currency. Business intelligence firm MicroStrategy, led by CEO Michael Saylor, is very optimistic about Bitcoin. Other newcomers include Paul Tudor Jones, Square, and MassMutual.