Bitcoin hit $13,864 on Wednesday, just shy of its 2019 peak near $13,880. Traders watched for weekly and monthly closes that could confirm buying momentum. Bitcoin had broken through several resistan
Bitcoin hit $13,864 on Wednesday, just shy of its 2019 peak near $13,880. Traders watched for weekly and monthly closes that could confirm buying momentum.
Bitcoin had broken through several resistance zones in recent weeks, and traders saw further upside ahead. The 23.6% Fibonacci retracement level sat near current prices, with $14,000 at the 38.2% level and $15,000 and $20,000 as subsequent targets.
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Benjamin Bluntz, a technical analyst, spotted an open path higher. "The sky is the limit now and this market is not for shorting," he said. Bitcoin had climbed above all major downtrends from the 2017 peak.
Raoul Pal, CEO of Global Macro Investor, mapped out the setup in a Twitter thread. Once Bitcoin breaks above $14,000, $20,000 becomes the next target. "There are literally only two resistances left on the Bitcoin chart—$14,000 and then the old all-time high at $20,000. I fully expect new all-time highs by early next year at the latest," Pal wrote. He said Bitcoin was unstoppable in its current momentum.
Not all analysts expected a straight path up. Alex Kruger looked for the price to reach $15,000 before hitting a sharp sell-off toward $12,000. The Stochastic RSI showed overbought conditions, and Bitcoin had experienced pullbacks during rallies from similar levels in the past.
62,000 options contracts were set to expire Friday. Bitcoin traded around $13,775 by late Wednesday, up 4.7% from the previous day.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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