{"id":97152,"date":"2020-10-25T13:14:40","date_gmt":"2020-10-25T10:14:40","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-breaking-through-12k-is-huge-but-dont-expect-higher-prices-before-2021\/"},"modified":"2020-10-25T13:14:40","modified_gmt":"2020-10-25T10:14:40","slug":"bitcoin-breaking-through-12k-is-huge-but-dont-expect-higher-prices-before-2021","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-breaking-through-12k-is-huge-but-dont-expect-higher-prices-before-2021\/","title":{"rendered":"# Bitcoin breaking through $12K is huge but don&#8217;t expect higher prices before 2021"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 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-6a2813f7617e6\" 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-6a2813f7617e6\" 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-breaking-through-12k-is-huge-but-dont-expect-higher-prices-before-2021\/#The_12000_barrier_was_crucial_for_Bitcoin\" >The $12,000 barrier was crucial for Bitcoin<\/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-breaking-through-12k-is-huge-but-dont-expect-higher-prices-before-2021\/#The_11600_resistance_must_flip_to_support\" >The $11,600 resistance must flip to support<\/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-breaking-through-12k-is-huge-but-dont-expect-higher-prices-before-2021\/#Total_crypto_market_cap_enters_key_resistance_zone\" >Total crypto market cap enters key resistance zone<\/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-breaking-through-12k-is-huge-but-dont-expect-higher-prices-before-2021\/#One_possible_scenario_for_Bitcoin_price\" >One possible scenario for Bitcoin price<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin breaking through $12K is huge but don&#8217;t expect higher prices before 2021 <\/strong>&#8221;<\/p>\n<div data-v-5a136f3a=\"\">The previous week has been tremendous for Bitcoin (BTC) investors as price broke the crucial barrier of $12,000, culminating in a surge from $11,300 to $13,300, a rally of $2,000 within a week. <\/p>\n<p>A new yearly high was printed, while the dollar has been showing weakness as well. Next to that, multiple listed companies came along with statements regarding allocations of Bitcoin rather than the U.S. Dollar. <\/p>\n<p>All these arguments line up for a continuation of the bull market, but which levels should be watched? Let&#8217;s take a closer look at the charts.\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_12000_barrier_was_crucial_for_Bitcoin\"><\/span>The $12,000 barrier was crucial for Bitcoin <span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.eu-central-1.amazonaws.com\/s3.cointelegraph.com\/uploads\/2020-10\/20d54e05-e09c-44fe-a0f8-aa352f04be20.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\/C5VPhwXl\/\"><em>TradingView<\/em><\/a><\/p>\n<p>As Bitcoin\u2019s weekly chart shows, the $11,600-12,000 area was a crucial area to break for any bullish continuation. This resistance area has been persistent since the start of the bear market at the beginning of 2018. For over thirty months, the price of Bitcoin couldn\u2019t break through this resistance zone, until the previous week.<\/p>\n<p>The beginning of a bull market is often flagged by beautiful support\/resistance tests for continuation, which is also seen at the $10,000 level. After this support\/resistance test, the upward run continued.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.eu-central-1.amazonaws.com\/s3.cointelegraph.com\/uploads\/2020-10\/74515d51-40eb-4cdc-b758-8ad067b66c5b.png\"\/><\/figure>\n<p><em>BTC\/USD 3-day chart. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/4eDnfHQQ\/\"><em>TradingView<\/em><\/a><\/p>\n<p>The $10,000 level got a retest and held, which marked a new support zone. Since then, Bitcoin\u2019s price has continued to run upward, which led to the breakout above the $12,000 barrier. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_11600_resistance_must_flip_to_support\"><\/span>The $11,600 resistance must flip to support<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.eu-central-1.amazonaws.com\/s3.cointelegraph.com\/uploads\/2020-10\/6dd595be-8024-45ca-a976-fa113eb9d82f.png\"\/><\/figure>\n<p><em>BTC\/USD 3-day chart. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/4eDnfHQQ\/\"><em>TradingView<\/em><\/a><\/p>\n<p>As the $11,600-12,000 broke upward, some interesting levels can now be determined for traders to watch in the upcoming weeks. Often, buying after such a big rally isn\u2019t the best strategy since a retest of lower levels is likely.\u00a0<\/p>\n<p>As mentioned, the confirmation of a support\/resistance flip at the $10,000 level warranted upward momentum.\u00a0A similar case is likely here. The crucial barrier of $11,600-12,000 is likely to see a support level test before the market can continue rallying.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"\/><\/p>\n<p>The resistances are found at $13,600-14,000 and $16,500-17,000. However, the latter is unlikely to be hit in the coming months as range-bound movements <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ear to be more likely. <\/p>\n<p>Therefore, traders should pay attention to the $13,600-14,000 area and the $11,600-12,000 as both could become crucial pivots in the upcoming weeks. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Total_crypto_market_cap_enters_key_resistance_zone\"><\/span>Total crypto market cap enters key resistance zone <span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.eu-central-1.amazonaws.com\/s3.cointelegraph.com\/uploads\/2020-10\/1214e45e-b9ae-47b4-8dbc-ef9733e69df1.png\"\/><\/figure>\n<p><em>Total market capitalization cryptocurrency 3-day chart. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/VNSDqtTt\/\"><em>TradingView<\/em><\/a><\/p>\n<p>The total market capitalization for all cryptocurrencies chart is showing a clear resistance zone between $395-415 billion. It\u2019s unlikely to have a breakout in one go, but that\u2019s heavily dependent on the movement of Bitcoin.<\/p>\n<p>Therefore, a retest of the $330-340 billion for support would be very likely and would set up a healthy construction for the start of a new bull market.<\/p>\n<p>If the total market capitalization breaks through $395-415 billion, the next resistance zone is found between $510-525 billion.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"One_possible_scenario_for_Bitcoin_price\"><\/span>One possible scenario for Bitcoin price<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.eu-central-1.amazonaws.com\/s3.cointelegraph.com\/uploads\/2020-10\/07930576-de37-4a52-866c-4b6a070806a8.png\"\/><\/figure>\n<p><em>BTC\/USDT 3-day chart. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/jJzMI4rH\/\"><em>TradingView<\/em><\/a><\/p>\n<p>As discussed previously in this article, there\u2019s a very likely case that Bitcoin\u2019s price will have a correction toward the $11,600-12,000 area for some technical level tests. <\/p>\n<p>Therefore, a range-bound technical structure can be determined. The resistance zone is located between $13,500-14,000, and the support zone is between $11,600-12,000.<\/p>\n<p>Such a range-bound construction is very healthy for starting a new cycle as it\u2019s constantly accumulating on a higher level.\u00a0Breaking out of this sideways range after a few months may see the next big move, which will likely bring the price of Bitcoin towards $17,000 and possibly even a new all-time high.<\/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-breaks-the-12-000-barrier-has-the-bull-market-started\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin breaking through $12K is huge but don&#8217;t expect higher prices before 2021 &#8221; The previous week has been tremendous for Bitcoin (BTC) investors as price broke the crucial barrier of $12,000, culminating in a surge from $11,300 to $13,300, a rally of $2,000 within a week. A new yearly high was printed, while&#8230;<\/p>\n","protected":false},"author":1,"featured_media":97153,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.eu-central-1.amazonaws.com\/s3.cointelegraph.com\/uploads\/2020-10\/60b3b9f7-2178-4a48-886a-a8328a75e1ae.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74939,75164,73785],"class_list":["post-97152","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-market-analysis","tag-price-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/97152","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=97152"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/97152\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/97153"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=97152"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=97152"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=97152"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}