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Bitcoin (BTC) on October 19, 2020

Bitcoin (BTC) attacks the last lines of defense again before the $ 12,000. It’s off to a good start for at least one successful consolidation above $ 11,700. What if the journey to $ 20,000 was done in one week from now? BTC has already proven in 2017 that it is capable of doing so, a fact that could attract more big wallets in these pivotal moments in the rise of BTC.

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This break will be the right one

Bitcoin gradually climbed above $ 11,500 yesterday, October 18, 2020. It forayed above $ 11,800 today, October 19, 2020.

The BTC is trading at $ 11,751 as of this writing. Bitcoin currently registering an increase of over $ 300 – more than 2.60% daily.

The BTC closed with 3 daily green candlesticks, since his fall following the problems ofOKEx which rocked the support at $ 11,100 – $ 11,300.

Daily, weekly and monthly RSI (14) surged but, Bitcoin still has room before the market is overbought. Technically, the BTC may well go up to 12,000 USD.

To reach 20,000 USD, you have to anticipate them

Bitcoin continues to attract big investors in these difficult times. Data from Glassnode show that the number of wallets BTC containing at least 100 BTC reached a 6-month high of 16,159 units.

Bitcoin BTC ATH wallet 100 BTC

Source : Image via Twitter

The devaluation of the dollar contributes to the rise of Bitcoin but, the anticipation of the 20,000 USD could also be one of the reasons that will push new institutional investors to bet on Bitcoin.

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Data from Skew show that Bitcoin Only stayed 93 days above $ 11,500, since its launch in 2009.

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The massive acquisitions of BTC by Square, MicroStrategy and other US companies listed on the stock exchange, will they explode this figure?

Will Bitcoin trade at $ 20,000 next week? Possible but unlikely. BTC has proven once again that it is able to quickly absorb losses due to an exogenous factor such as legal or technical problems of an exchange. Credibility: this is the key word towards a new ATH. The oldest crypto is more trustworthy than the dollar. The 20,000 USD, he did it once, so nothing prevents him from repeating this feat.

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