Bitcoin Cranks to Crucial Resistance at $12,300, Can it Go Higher?

Within the past hour, Bitcoin has made its move back to tap $12,300 which equals its high for this year made in mid-August. Analysts are flooding crypto social media with their predictions as BTC reaches this crucial juncture.

Since that first move above $12k over two months ago, BTC corrected to the high $9k zone resulting in a 20% pullback. All of those losses have now been reclaimed as it returns back to 2020 highs in a largely predicted move that has added $550 over the past 24 hours.

Can BTC Get to $20k This Year?

Analysts have noted that Bitcoin hasn’t had a weekly close above $12,000 since January 2018, and are confident that the bull market has begun.

$BTC

Both the weekly and monthly charts are working on higher-closes

Bitcoin hasn’t had a weekly close above $12,000 since January 2018

Bitcoin had its 20%+ pullback, its time to continue this uptrend 🐂 pic.twitter.com/doemFlFcK2

— Josh Rager 📈 (@Josh_Rager) October 21, 2020

Fellow analyst ‘dave the wave’ added that prices could easily return to their all-time high.

“Could BTC see a pump to 20K? Sure, it’s already 70% of the way there, and as comparable with the previous pump. Price has also currently recovered 82% of the manic market of 2017,”

Breaking this crucial resistance must happen first though and Bitcoin has already found it tough with a slight bounce off it as it returns to $12,250 on the hourly time frame.

If it can manage to push through, the next resistance point is the 2019 high of $13,800. Past this there is very little stopping a return to the $20k ATH in a very short period of time.

Bitcoin Dominance Increases, Altcoins Suffer

The big move has come at the expense of the altcoins as BTC dominance has increased to an almost three month high of 62% according to Tradingview.com.

The rest of the market is moving much slower though $10 billion has been added to total market capitalization over the past 24 hours, the majority of that going into BTC.

Ethereum has reclaimed $380 from its fall yesterday but is still 21% down from its 2020 high while XRP, Binance Coin, Chainlink, and Cardano are still down on their prices this time yesterday.

Litecoin has followed its big brother with a slight gain on the day to find the $50 level again but in general, the altcoins are suffering.

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