During Friday morning’s Asia trading session, Bitcoin reached its highest price since January 2018 as it topped out at $16,490 according to Tradingview.com. The massive move has built upon November’s momentum adding a further 5% to the king of crypto over the past 24 hours.
This week alone, BTC has made 7% and since the beginning of the month less than a fortnight ago, it has cranked 20% outperforming nearly every other traditional asset class.
BTC appears to be eating into altcoin markets again as its dominance has spiked to a six month high of 66%.
Bitcoin ATH Back In-Play
Analysts are now eyeing the previous all-time high of $20K as the next target should the momentum keep building. BTC is now only 21% away from this lofty peak which was last seen nearly three years ago.
Trader and analyst Josh Rager has advised keeping an eye on resistance levels during that 2017 rally as they could become points of rejection during this one.
Keep an eye on these key Bitcoin price levels (daily/weekly) from the 2017-2018 highs
They could likely reject before moving higher
But after $17,149, there isn’t a lot standing in the way before $19,000+ pic.twitter.com/8sffFo6byo
— Josh Rager ? (@Josh_Rager) November 12, 2020
Charting gains following previous halvings, data analyst ‘ecoinometrics’ has plotted a potential movement that could result in BTC hitting $20K very soon. Should this chart play out, prices could be at $40K by the end of this year and into six figures in 2021.
#Bitcoin after the Halving
Nov. 12, 2020
184 days after the 3rd halving.#BTC at $16,003.
Is it just me or is $20,000 starting to look pretty close? pic.twitter.com/0JL3iaI4L8
— ecoinometrics (@ecoinometrics) November 12, 2020
Similar predictions have been made by analyst ‘PlanB’ with his stock-to-flow model as recently reported by CryptoPotato. The model which is also based on halving events also predicts a six-figure Bitcoin price by the end of next year.
One thing that could put a dampener on things is the CNBC counter trade signal. Back during the previous bull market, the mainstream media outlet tended to put a jinx on things whenever it covered Bitcoin prices, and it has just done so again!
Bitcoin bounces back! The cryptocurrency broke above $16,000 today for the first time since 2018 as investors jumped back into the trade. Bitcoin Baller @BKBrianKelly looks at what could fuel the bullish boom. pic.twitter.com/6cUegXrhPW
— CNBC’s Fast Money (@CNBCFastMoney) November 12, 2020
What about the altcoins?
While total market capitalization is also at its highest levels for over two years topping $465 billion, the altcoins are not getting a lot of love at the moment.
Ethereum, which shouldn’t really be called an altcoin, has remained flat hovering around the $460 level while XRP has actually retreated marginally on the day. Most of the other high cap altcoins are flat or in the red at the moment, all aside from Litecoin which is matching its big brother’s gains, adding 6% to top $62.