If Bitcoin goes above $ 14,000, analysts say traders should be looking at $ 20,000 instead of looking back

While bitcoin prices hit all-time highs of 2020 on Tuesday, some analysts say they expect only a few more hurdles to break through the 2017 all-time high (ATH). For example, Etoro’s market analyst David Derhy says he is looking at $ 20,000 instead of $ 12,000.

• Some famous cryptocurrency traders and analysts think that bitcoin (BTC) simply needs to cross the $ 14k region and take off from there. Tuesday 2020’s ATH of $ 13,684 is just below last year’s ATH at $ 13,796 per bitcoin, which was reached on June 26, 2019.
• Macro strategist Raoul Pal said Tuesday that there are only two major price resistances left for BTC. “There are literally only two resistances left on the bitcoin chart: $ 14,000 and then the old all-time high of $ 20,000,” Raoul Pal tweeted on Tuesday. “I expect new all-time highs at the beginning of next year at the latest.”

• Senior market analyst for Etoro Simon Peters explained this week in a note to investors that “fears of stimulus could fuel the fire for bitcoin.
• “We may also see rising inflation, another important aspect of Satoshi Nakamoto’s view of modern economies that prompted him to create Bitcoin,” Peters wrote. “It will also be interesting to see how this affects the correlation between bitcoin and stock markets.”

#BTC HTF objectives pic.twitter.com/RgZLoDwfRJ

– // Bitcoin ack 🐐 (@BTC_JackSparrow) October 27, 2020

• “Okex’s futures order book is asking to be withdrawn / executed on the market in the last few days as BTC consolidates,” the popular crypto analyst nicknamed ‘Light’ told his 25,000 Twitter followers on Tuesday. “A move above $ 14k in the near term is increasing in probability,” Light added.
• In the same investor note, Etoro’s market analyst David Derhy explained that people should “be looking at $ 20,000 instead of $ 12,000”.

• “The current run could simply go as high as $ 14,000,” Derhy wrote this week. “In that case, the next level technically and fundamentally would be $ 20,000. With the US elections coming next month, there will be further economic stimulus from the government, although the extent of that stimulus is still under discussion. I am of the opinion that we will not see a drop below $ 12,000 for a while yet. “
• Just recently, Vinny Lingham, “Oracle” made similar statements and does not expect the price to drop below $ 12k during the next 30 days.
• Meanwhile, the bitcoin (BTC) hashrate has plummeted by 45% over the past three days.

What do you think about the price pushing beyond the $ 14k zone and do you think the $ 20k will come later? Let us know what you think in the comments section below.

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