BTC price: highest close in 2.5 years. What's next after a 13% increase in 7 days?

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Tokeneo
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3 min reading

The current BTC price is around $ 13,160. During the week, Bitcoin gained over 13%, setting new highs this year on Sunday. Meanwhile, several analysts are speculating on what to do with the price of the largest cryptocurrency.

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The current situation on the BTC market

On Saturday, for the first time since January 2018, Bitcoin (BTC) closed the day above the $ 13,000 mark. Admittedly, at the end of June and the beginning of July 2019, the cryptocurrency briefly exceeded $ 13,000, but it did not manage to close above this level.

After hitting its highest daily close in more than two and a half years, BTC continued its upward move on Sunday, posting new highs of $ 13,329 this year before dropping below $ 13,000. At the end of the day, it reached $ 13,031, an increase of almost $ 2,000 (over 13%) in the week.

This month, the price of the largest cryptocurrency has already increased by 28%. At the time of publication, the BTC rate is around $ 13,160. What's next?

Bitcoin (BTC) - wykres z dnia 26.10.2020Chart for the Bitcoin cryptocurrency. Range: 7 days. Source: coinmarketcap.com

BTC rate: analysts' forecasts and speculations

According to Mike McGlone, a Bloomberg Intelligence analyst, the price of Bitcoin should continue to rise in the medium to long term. "Something unexpected would have to happen for Bitcoin to stop growing," the analyst wrote.

He believes BTC may need a new "catalyst" to hit another $ 14,000 milestone. However, he added, "in the absence of a reversal of key indicators showing rising demand and adoption, it should be a matter of time to break (this) resistance."

In turn, Cointelegraph analyst Rakesh Upadhyay writes that "the rising 20-day EMA and RSI in the overbought zone suggest the bulls are in power." According to the analyst, if the bulls manage to push and keep the price above $ 13,200, a "rally to $ 14,000" is possible.

In the opinion of Michael van de Poppe, although everything supports the continuation of the bull market, no sharp increase should be expected in the short term. According to the analyst, after the recent breakthrough of a key barrier ($ 12,000), Bitcoin can "move sideways" for several months.

In the longer term, however, he expects a lot of traffic, "likely to bring Bitcoin's price to $ 17,000 and possibly even to a new all-time high," above $ 20,000.

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