Bitcoin (BTC) continues bullish run reminiscent of 2018
Last Updated on 28 October 2020 by CryptoTips.eu
The Bitcoin price surged in the past 24 hours with the leading cryptocurrency hitting $13,800. This latest pump followed an excellent two weeks for the leading cryptocurrency.
This pump has been as a result of positive fundamental news that has filtered into the cryptospace in recent weeks. Although a correction has occurred in the past hour with the price dropping to $13,250.
Marge - is that you? 🤔 pic.twitter.com/14Mp3D4C7b
— Ivan on Tech (@IvanOnTech) October 28, 2020
Despite this there is an overwhelming positive sentiment in the market that Bitcoin is on its way to $20,000. This is because the current slope of Bitcoin is similar to that of January 2018 that led to the record bullish movement that peaked at $20,000.
Some crypto analysts believe that the next logical step for Bitcoin is to move all the way to the $17,000 mark.
According to analyst CryptoHamster the next step for Bitcoin would be to break the $13k mark and hold above $14k. thus opening targets to hit the $17k point.
#Bitcoin retested IH&S neckline and stayed above it. Now, if $BTC breaks and holds above $14k the path to the target would be open.
— CryptoHamster (@CryptoHamsterIO) October 28, 2020
So far local highs were just above the Fibonacci levels (collecting liquidity before corrections). The next level matches the IH&S target.$BTCUSD pic.twitter.com/CSjDnd5h3f
Max Keiser Bitcoin prediction of $28k
Notable Bitcoin maximalist Max Keiser believes that the leading coin could go a step further tweeting that Bitcoin could hit $28k in the coming weeks.
$28,000 in play https://t.co/26WhzQeBpg
— Max Keiser (@maxkeiser) October 28, 2020
There have also been speculations relating the halving of Bitcoin to the current trend engulfing the crypto market. According to Messari ace Jack Purdy, the current market run has similarities to the last halving that occurred in 2016.
Bitcoin continues to defy all expectations and is performing better than its peers including the much valued gold and stocks. This is despite the coronavirus pandemic which resulted in a crash in global finance.
Bitcoin adoption has continued unabated with more financial institutions investing in Bitcoin. MicroStrategy, Grayscale and Square have made significant investments in the leading coin.
