{"id":102204,"date":"2020-10-31T20:30:00","date_gmt":"2020-10-31T17:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-reaches-14k-for-the-first-time-since-january-2018-whats-next\/"},"modified":"2020-10-31T20:30:00","modified_gmt":"2020-10-31T17:30:00","slug":"bitcoin-reaches-14k-for-the-first-time-since-january-2018-whats-next","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-reaches-14k-for-the-first-time-since-january-2018-whats-next\/","title":{"rendered":"# Bitcoin reaches $14K for the first time since January 2018 \u2014 what\u2019s next?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3bc00f6beec\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3bc00f6beec\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-reaches-14k-for-the-first-time-since-january-2018-whats-next\/#Bitcoin_yet_to_break_the_13700-14250_area\" >Bitcoin yet to break the $13,700-14,250 area<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-reaches-14k-for-the-first-time-since-january-2018-whats-next\/#The_highest_monthly_close_ever_is_possible_for_Bitcoin\" >The highest monthly close ever is possible for Bitcoin<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-reaches-14k-for-the-first-time-since-january-2018-whats-next\/#Current_market_behavior_comparable_to_the_2016_cycle\" >Current market behavior comparable to the 2016 cycle<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-reaches-14k-for-the-first-time-since-january-2018-whats-next\/#Possible_scenario_for_Bitcoin_price\" >Possible scenario for Bitcoin price<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin reaches $14K for the first time since January 2018 \u2014 what\u2019s next? <\/strong>&#8221;<\/p>\n<div data-v-5a136f3a=\"\">Bitcoin (BTC) price is undoubtedly having an impressive year after crashing to $3,700 in March but then rallying to $14,000 in the following months. Now BTC has reached the highest point since January 2018 as the price touched $14,100. <\/p>\n<p>Thus, the likelihood of the new bull cycle is heavily increasing as the price of Bitcoin continues to make new higher highs and higher lows. What&#8217;s more, the strength is even seen while the U.S. Dollar Currency Index, with which it is typically inversely correlated, is also recovering amid coronavirus fears. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_yet_to_break_the_13700-14250_area\"><\/span>Bitcoin yet to break the $13,700-14,250 area<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-10\/b6702bdd-fe78-4802-a8e2-d3c5e48c9340.png\"\/><\/figure>\n<p><em>BTC\/USD 1-week chart. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/uSZo0Gp6\/\"><em>TradingView<\/em><\/a><\/p>\n<p>The weekly chart shows some crucial levels to be watched in order to continue the bullish momentum. One of them is the current resistance zone surrounding the $14,000 threshold. Breaking through this resistance zone would initiate further strength toward the next threshold around $16,500-17,000.<\/p>\n<p>These two levels are the final hurdles before a possible new all-time high, while the majority of altcoins are still facing huge losses compared to their 2017 peak highs. <\/p>\n<p>There are two crucial levels to watch on the downside. The first and primary breaker is the $11,400-11,800 area. That\u2019s been the crucial resistance zone for two years, which means it could see a retest before any more upside. <\/p>\n<p>However, if that area is lost, the next support zone is found between $10,100-10,400. These two zones are critical to hold if the market is in bullish territory.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_highest_monthly_close_ever_is_possible_for_Bitcoin\"><\/span>The highest monthly close ever is possible for Bitcoin <span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-10\/e0c2acc1-9860-460a-a5e3-b5f2eb14a3de.png\"\/><\/figure>\n<p><em>BTC\/USD 1-month chart. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/E1x4oo1P\/\"><em>TradingView<\/em><\/a><\/p>\n<p>As the monthly chart shows, the highest monthly close ever is possible for Bitcoin \u2014 an incredible accomplishment\u00a012 years after the release of the whitepaper. <\/p>\n<p>However, it also shows the significance of this resistance zone as it\u2019s the last major hurdle before the all-time high can be challenged.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"\/><\/p>\n<p>If $13,700-14,200 breaks, further continuation toward new all-time highs are almost guaranteed as there are not many levels standing in between.<\/p>\n<p>However, the start of a new bull cycle is typically accompanied by accumulation periods, through which previous resistance zones are retested and confirmed as support. Such an accumulation period would mean Bitcoin\u2019s price can correct toward $11,600 to find sufficient support before a major move up.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Current_market_behavior_comparable_to_the_2016_cycle\"><\/span>Current market behavior comparable to the 2016 cycle<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-10\/626ffd58-eec9-456d-a5cf-7a153615fce2.png\"\/><\/figure>\n<p><em>BTC\/USD 1-week 2016 chart. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/3DhkMxOg\/\"><em>TradingView<\/em><\/a><\/p>\n<p>The 2016 chart shows these accumulation ranges through which a healthy trend was established. Every previous resistance level got retested for confirmation, after which a range was established to accumulate Bitcoin.<\/p>\n<p>After such a range-bound construction, compression started to build up, ultimately resulting in a massive breakout.<\/p>\n<p>Another massive signal is the quick buys during market corrections. These are shown by long wicks as buyers quickly step in to buy as price is falling. A similar move can occur if the market corrects in the coming weeks.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Possible_scenario_for_Bitcoin_price\"><\/span>Possible scenario for Bitcoin price<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-10\/688c2f15-2a98-4a7c-917c-5c9821ffe2af.png\"\/><\/figure>\n<p><em>BTC\/USD 1-week scenario chart. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/rgL1OeBg\/\"><em>TradingView<\/em><\/a><\/p>\n<p>The current area of $11,400-11,800 is a crucial resistance zone. If the price of Bitcoin falls to break through this resistance zone, a correction will become the likely scenario.<\/p>\n<p>Therefore, Bitcoin\u2019s possible scenario is range-bound action between $11,400 and $14,200. Such a sideways construction would be similar to the 2016 period of accumulation.<\/p>\n<p>Ether and other altcoins may then show up to the part the moment Bitcoin finishes its correction and goes into the sideways range-bound construction. It will likely take a few more months before altcoins can start to move upward. <\/p>\n<p><em>The views and opinions expressed here are solely those of the <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/cryptomichnl?lang=en\"><em>author<\/em><\/a><em> and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.<\/em><\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-reaches-14k-for-the-first-time-since-january-2018-what-s-next\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin reaches $14K for the first time since January 2018 \u2014 what\u2019s next? &#8221; Bitcoin (BTC) price is undoubtedly having an impressive year after crashing to $3,700 in March but then rallying to $14,000 in the following months. Now BTC has reached the highest point since January 2018 as the price touched $14,100. Thus,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":102205,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-10\/29798c38-df38-487a-a0ab-8487666f4262.jfif","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74939,73785],"class_list":["post-102204","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-market-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/102204","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=102204"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/102204\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/102205"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=102204"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=102204"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=102204"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}