It has been weeks of activity for Bitcoin which recently breached the $19,600 price mark which has been its all-time high for the past 3 years. Bitcoin is presently trading at $23,500, dominating the coin market at 63%. The market does not seem as if it is losing steam yet with indicators showing that the demand for the coin is still high.
It is obvious that the $19,600 was a critical resistance level when Bitcoin was trading below it days ago. It is now seen as a strong support. With Bitcoin gaining 135% in a few months of rally from $10,000 to $23,000, market watchers are expecting a correction, even though no one knows when this would happen.
What seems apparent is that there has been a massive breakout from the $19,500 price level which has been instrumental to the new all-time-high of $23,700. Will the rally continue to $25,000 before the end of 2020? That is likely if we keep seeing a buildup of volume which surged to 71.3 billion on Thursday, December 17.
The Fibonacci extension tool shows that the short-term rally is expected to reach $22,100 mark. The fact that Bitcoin has already surpassed this price shows that the market is still bullish and we may see the coin trade above $25,000 before the end of 2020.
For the correction point, that is still anyone’s guess. What is obvious is that we would see higher values of $25,000 or even $30,000 before that happens.