The past twenty-four hours have been great for Bitcoin as it was sustained above the long-term barrier at $10k. The breakout was exceedingly explosive such that it moved above $10,450 to later attain $11k.
As at press time, the price of one BTC was valued at $11,020, representing about 7 percent increase. This happened following several days and weeks of staying below $9k price level. Over the past 24 hours, its price has increased by 13 percent, suggesting a better performance relative to several top altcoins, including ETH and XRP.
However, some market participants doubt whether the rally is a sustainable one as they referenced several trends, including a CME gap and a Tom Demark Sequential “9” candle. At the same time, according to the forecast of an eerily fractal analysis, the price of BTC will attain $20k in 2020.
When it comes to technical analysis, a fractal is a recurring pattern that occurs amid larger more chaotic price movements, says Investopedia. Analysts pointed to the fractal several months ago, which was eerily accurate. At the moment, it has predicted that Bitcoin will move near or at its lifetime high of $20k by the end of 2020.
Apart from fractals, other observations suggest such a move before the end of this year. In the analysis of Bloomberg senior commodity analyst Mike McGlone, Bitcoin could attain its lifetime high in 2020 if its performance follows the path it took in 2016.
Similarly, in the view of Dan Morehead of Pantera Capital, the cryptocurrency should attain a fresh record price due to the sum of money being printed worldwide. According to Morehead, institutional investors, as well as other investor demographics, are likely to start acknowledging the potential of scarce assets such as BTC having 21 million supply cap.