During the last few weeks, there have been altcoins that moved higher and that pushed the market forward. Bitcoin (BTC) has now also been able to move higher and close above its 3-year downtrend after the peak of $20,000 in December 2017. The main question remains whether Bitcoin will be able to continue moving higher in the coming months.
Bitcoin Looks Bullish
Bitcoin could be entering a new macro bull trend. The digital currency was able to break above the 3-year downtrend that started in December 2017 and that was tested in June 2019 when the digital asset was traded close to $13,750.
According to the cryptocurrency analyst Pentoshi, Bitcoin had its first daily close ever above the abovementioned downtrend. This could mean that Bitcoin is starting a new macro bull trend and that the cryptocurrency could reach higher levels in the near future.
#Bitcoin just had it’s first daily close ever ABOVE the 3 year downtrend line from ATH’s when CME Futures launched.
— 🔥Pentoshi (@Pentosh1) July 24, 2020
The community is now very excited about the future of the space and about what can happen with Bitcoin, which couldn’t surpass its all-time high from December 2017. At the same time, the next resistance levels include $10,500, and $13,750. However, if it is able to surpass these prices, then the next stop would be $20,000.
When cryptocurrencies and stocks reach their all-time high and continue moving higher, there is a period of price discovery until the price retraces. This is what can happen if Bitcoin continues towards $20,000 and surpasses that level. Nevertheless, there is no current information about when this can happen or whether this will happen or not in the coming months.
The reality is that several altcoins have moved higher in the last hours and this could be showing a bullish sentiment in the community. As reported by CoinMarketCap, in the last 24 hours, cryptocurrencies such as Ethereum (ETH) and Cardano (ADA) were leading the market.
Ethereum surged by 7.23% while Cardano skyrocketed 17,49% becoming the 6th largest digital asset in the market, only surpassed by Bitcoin Cash (BCH), XRP, Tether (USDT), Ethereum (ETH) and Bitcoin (BTC).
Litecoin (LTC) and XRP have also been showing strength in the last days and they could continue moving higher. The main question remains whether Bitcoin will be able to surpass the resistance levels we mentioned before and continue growing towards $20,000 and beyond.