BITCOIN PRICE FORECAST:
- Bitcoin (BTC/USD) rose over 165% in the year to date as traders clamor for returns
- Can bitcoin continue with the charge after reaching the latest all-time peak?
- Largely heralded as the fiat currency option, BTC/USD might have largely benefited from the accommodative monetary policy and coronavirus related fiscal programs
BITCOIN PRICE OUTLOOK: BTC/USD TOPS 2017 HIGHS, EYES HIGHER
On Monday, Bitcoin rose to touch an all-time peak. In doing so, it surpassed the previous high of $19,783. Driven by the weak US Dollar, talks of more stimulus, and loosening monetary policy, the biggest cryptocurrency by the market seal has thrived this year. Boosted by traders who still believe that crypto is the ultimate replacement of the fiat currency system, the BTC/USD rose over 160% upto now.
With yield-hungry traders and believers abound looking for gains in the low-interest arena, the case should be made for the continuation of bitcoin rally. Moreover, the technical outlook may seem to provide signs of motivation over the latest high as S&P 500 May Further Escalate.
With the all-time peak being an encouraging sign, bitcoin also comprises nearby support incase there is another sudden rebound. The initial buoyancy may be found close to the $17,200 point whereas the tertiary and secondary support might reside at $15,837 and $16,500 respectively. Although the Thanksgiving holiday showed the significant volatility bitcoin might experience without any warning, the fast recovery shows that the bulls are not yet ready to surrender the latest gains.
Essentially, in line with the broad rally in the year to date, the bitcoin outlook is quite encouraging. If the rally continues, resistance beyond the previous! 9,783 high is quite sparse, which means the gains might accelerate over these levels considering the proper demand.