{"id":98762,"date":"2020-10-27T20:03:37","date_gmt":"2020-10-27T17:03:37","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/this-is-the-last-major-hurdle-before-bitcoin-price-can-target-20000\/"},"modified":"2020-10-27T20:03:37","modified_gmt":"2020-10-27T17:03:37","slug":"this-is-the-last-major-hurdle-before-bitcoin-price-can-target-20000","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/this-is-the-last-major-hurdle-before-bitcoin-price-can-target-20000\/","title":{"rendered":"# This is the last major hurdle before Bitcoin price can target $20,000"},"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-6a3942840654a\" 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-6a3942840654a\" 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\/this-is-the-last-major-hurdle-before-bitcoin-price-can-target-20000\/#Traders_expect_resistance_between_13500-14000\" >Traders expect resistance between $13,500-$14,000<\/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\/this-is-the-last-major-hurdle-before-bitcoin-price-can-target-20000\/#US_dollar_weakness_is_propelling_the_Bitcoin_rally\" >U.S. dollar weakness is propelling the Bitcoin rally<\/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\/this-is-the-last-major-hurdle-before-bitcoin-price-can-target-20000\/#Total_market_cap_still_faces_resistance\" >Total market cap still faces resistance<\/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\/this-is-the-last-major-hurdle-before-bitcoin-price-can-target-20000\/#Potential_scenario_for_Bitcoin\" >Potential scenario for Bitcoin<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># This is the last major hurdle before Bitcoin price can target $20,000 <\/strong>&#8221;<\/p>\n<div data-v-5a136f3a=\"\">Bitcoin (BTC) price has been showing impressive strength in the previous weeks and today the price made a new 2020 high at $13,666.<\/p>\n<p>This momentum was made alongside weakness in the U.S. dollar and many analysts believe that as long as the dollar remains weak, Bitcoin and other safe-haven assets will do well. <\/p>\n<p>However, as Bitcoin shows strength, altcoins are failing to follow suit and most altcoins are selling off against BTC. Bitcoin\u2019s dominance rate has been rising in the previous weeks and this shows that the market\u2019s momentum is based around Bitcoin.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Traders_expect_resistance_between_13500-14000\"><\/span>Traders expect resistance between $13,500-$14,000 <span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-10\/b1497234-d83d-4667-80f2-6d300fba5615.png\"\/><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-week chart. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/vFNnug6y\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>The weekly chart shows a clear resistance zone between $13,500-$14,250 as the next big hurdle for the markets. <\/p>\n<p>The price of Bitcoin broke through the $11,600-$12,000 barrier as the crucial barrier for further upward movement. This breakthrough caused the price to continue rallying toward the next hurdle, which is between $13,500-$14,250.<\/p>\n<p>It\u2019s not likely to anticipate an <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>arent breakthrough in one-go as it\u2019s the first test of this resistance zone, but the overall weakness of the dollar is signaling that the price of Bitcoin could only run higher.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"US_dollar_weakness_is_propelling_the_Bitcoin_rally\"><\/span>U.S. dollar weakness is propelling the Bitcoin rally<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-10\/96a5793d-8647-4375-87c2-0fdba67b372a.png\"\/><figcaption style=\"text-align: center;\"><em>U.S. Dollar Currency Index 1-day chart. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/x3NhJdk4\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>The U.S. Dollar Currency Index (DXY) is currenlty showing significant weakness after the last test of the 94.6 points level was instantly rejected. <\/p>\n<p>This rejection caused DXY to drop down further. More importantly, since the rejection occurred on Sept. 24, Bitcoin\u2019s price started to rally.<\/p>\n<p>This rally increased the price of Bitcoin by $3,000 as it rallied from $10,500 to $13,500. The correlation between DXY and Bitcoin has increased since the March crash and this is an inverse correlation. <\/p>\n<p>If the dollar holds the 92.50 area for support, there\u2019s a potential likelihood of a reversal on the price of Bitcoin as well. This would mean a correction in the crypto markets, which isn\u2019t bearish at all.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"\/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Total_market_cap_still_faces_resistance\"><\/span>Total market cap still faces resistance <span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-10\/f0709685-4bfa-4639-be11-d50016a78152.png\"\/><figcaption style=\"text-align: center;\"><em>Crypto market cap 1-week chart. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/7IZQO2b4\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>The crypto total market capitalization is lagging behind Bitcoin\u2019s strength, as BTC is the only one showing strength recently. This means that altcoins are seeing a selloff in their BTC pairings, further showing that Bitcoin is currently more robust than altcoins.<\/p>\n<p>Currently the total market capitalization is in a massive resistance zone, as the $400-$410 billion level is a crucial pivot.<\/p>\n<p>A breakthrough in this resistance zone would mean continuation to $520-$530 billion is likely to occur.<\/p>\n<p>A rejection here would mean a further range-bound construction, through which the $280-$300 billion areas is a significant support zone to hold. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Potential_scenario_for_Bitcoin\"><\/span>Potential scenario for Bitcoin <span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-10\/1e08a36f-817c-4fec-8836-e3e1c03bdc39.png\"\/><figcaption style=\"text-align: center;\"><em>BTC\/USDT 3-hour chart. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/GxJzKb7y\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>The primary pivot for Bitcoin right now is whether it can hold the $13,000-$13,200 area for support. If that area warrants support, then the recent breakout can\u2019t be classified as deviation above the range high. <\/p>\n<p>However, if Bitcoin\u2019s price fakes out above $13,500 and drops back into the range, the deviation is confirmed by a bearish retest of the $13,000-$13,200 area. <\/p>\n<p>If this scenario plays out the way it should, retests of $12,500 and potentially $12,000 or $11,600 are on the tables.<\/p>\n<p>Obviously, such a move is lining up with a potential reversal on the U.S. Dollar Currency Index and the failure of Bitcoin to breakout above $14,000. <\/p>\n<p>Once again, such a retest is not bearish. It\u2019s very healthy to test previous resistance levels for support before continuation to the upside can occur. <\/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\/this-is-the-last-major-hurdle-before-bitcoin-price-can-target-20-000\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# This is the last major hurdle before Bitcoin price can target $20,000 &#8221; Bitcoin (BTC) price has been showing impressive strength in the previous weeks and today the price made a new 2020 high at $13,666. This momentum was made alongside weakness in the U.S. dollar and many analysts believe that as long as&#8230;<\/p>\n","protected":false},"author":1,"featured_media":98763,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-10\/993822f0-5db6-4000-a1c6-c47145608892.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74863,76153,75164,73785,70359],"class_list":["post-98762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-cryptocurrencies","tag-dollar","tag-price-analysis","tag-markets","tag-stocks"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/98762","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=98762"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/98762\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/98763"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=98762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=98762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=98762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}