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Bitcoin has just hit its highest price since January 8, 2018, knocking on the door of $ 16,000 while FOMO takes over the markets.
In a bullish move that added gains of more than 12% in the past 24 hours, Bitcoin prices hit their highest levels in 33 months, hitting $ 15,980 during early trading in Asia today, November 6, according to Tradingview.com.
The $ 16,000 level could form resistance as there were two weekly closes at $ 16,100 in early January 2018, so if this week’s candle holds these levels, there could be an upward push towards that elusive all-time high. LThe graphic patterns currently recall the end of November 2017, when BTC made a quick push from $ 7,000 to $ 16,000 in just three weeks.
Analysts have observed what Bitcoin’s price is now 80% of its all-time high, the closest it has ever been to full recovery, which historically took only 12 days on average from these levels to ATH.
On the other hand, traders can start making profits which could result in a pullback.
BOOM! A long-term partial profit in btc. It is also interesting to note that BTC’s fear and greed index just jumped to 90. I feel comfortable taking some profit off the table and hope to load further down https://t.co/NjdNOyMkov pic.twitter.com/pZJmOJVCqg
– Benjamin Bluntz (@SmartContracter) November 6, 2020
The “Fear and Greed Index” is currently in the “extreme greed” zone at 90. The last time it reached this level was in June 2019, when it hit 92, as Bitcoin hit its highest price for that year, just under $ 14,000.
Savvy investors like the billionaire Mike Novogratz, a former hedge fund manager, advised against emotion-based selling in a recent tweet.
“The hardest thing to do in a bull market is to sit down. My friend Paul Jones calls it the “pain of profit”. This is a bull market for BTC. Your job is to sit on your hands and put your phone away. “
The US election results may have been the catalyst for this week’s rally as Joe Biden extends his lead over Donald Trump with the recount nearing completion.. At the time of this edition, Biden was leading 264-214 in the run to 270 with only five states left. Square also reported record revenue and profits from Bitcoin sales on its Cash App.
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