Should the bulls maintain the momentum in the coming weeks., then The last time Bitcoin price traded higher than the peak reached over the past 24 hours was in January 2018 Bitcoin has touched $14,560, its highest price level in 2020, and could likely jump to $16,000 As we noted yesterday, Bitcoin’s price against the US dollar had retreated sharply after a steady climb to highs of $14,100. The initial rejection looked like it could give bears a window, but so far, BTC/USD looks strong as the bulls eye $15,000 level. The BTC/USD pair has printed a higher weekly candle for four straight weeks and is forming yet another. If it achieves this, Bitcoin’s price would likely close above $14,500, a scenario likely to clear the path for a new 2020 peak. BTC/USD price chart showing consecutive green candles on the daily time frame. Source:TradingView BTC/USD price has jumped over 100%. Notably, breaching the $14.5k barrier and topping out around $15,000 will leave Bitcoin price just about 40% away from creating history. Should the BTC price jumps to $16,000., then One technical analyst says that people might only realise the significance of the upside “Again, Bitcoin printing higher-highs on the daily [chart] at over $14,000. Yet it seems like it’s doing so without much excitement. Could be the election distraction, but it doesn’t seem like many realise how big this is. Send it straight over $16k, and maybe that will wake a few up.” Charles Edwards, the founder of Capriole Investments, simply observed, “The significance of this Bitcoin move beyond above $14K cannot be understated. The train has left the station”. Bitcoin price technical outlook Bitcoin is charting a bullish path, with price currently trending within a rising channel. The region has several positive signals on the hourly and 4-hour charts to strengthen the picture for another leg up. The MACD indicator on the hourly chart is strengthening, while the RSI continues to trend in bullish territory. The 78.6% Fibonacci (Fib) retracement level of the swing high from $13,500 low to $14,550 high is at $14,228. The 61.8% Fib level also resides here ($14,087). If bulls hold prices above these levels and flip the $14,350 area into a major support zone, a decent run will likely see them test bear resolve near $16k. Bitcoin price on the 4-hour chart. Should downside correction materialises, the first support line is around $14,350 and the aforementioned Fib levels., then Source: TradingView However, The psychological $14,000 price level provides the next support area, and beneath this level, the BTC/USD pair has support at $13,950 as marked by the 50-SMA and 100-SMA on the 4-hour chart. A break below the lower boundary of the channel could push prices towards lows of $13,800 and the 100-SMA (hourly chart).