Here’s How Bitcoin Price Could Hit $20,000 By as Early as March: Analyst

Story by: Nick Chong

Bitcoin saw quite the bout of volatility on Wednesday. Early in the morning, the cryptocurrency tanked, falling as low as $6,450 in a strong move lower, before rebounding to the upside.

By the end of the day on Wednesday, the price of BTC had rallied as high as $7,300, surging by over 10% from its local bottom in the $6,400s on the back of seeming short covers and long-term investors buying the crypto dip.

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Although it may be too early to tell whether or not this is a fully-fledged macro reversal, one prominent trader, who called the drop in November to the $6,000s, suggests that Bitcoin has a good likelihood of reaching $20,000.

Here’s more on that.

Could Bitcoin Top $20,000 By March?

Bitcoin’s latest bounce higher has infused bulls with a fresh dose of hope, culminating in positive analyses that imply BTC’s reversal rally is just starting.

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One such analysis was posted by Velvet, a popular cryptocurrency trader. They noted that “this week[‘s close]” for BTC is “very important,” noting that the key thing Bitcoin will need to do by Sunday’s close is “holding the” trend line, seen in red in the chart below.

For reference, the trend line in question, which always ended up in bear markets when BTC crossed below it, currently sits in the high-$6,000s, which BTC is currently above.

If Bitcoin rides that level, Velvet remarked that Bitcoin “could see $20,000 by March,” referencing the fact that prior to previous halvings, BTC always surged, rallying higher on the expectation that a negative supply shock would hit the market.