Bitcoin (BTC), the most popular cryptocurrency in the world could skyrocket to $20,000 within three months according to the Founding partner of Bitazu Capital, Mohit Sorout. On Twitter, he shared his technical analysis on Bitcoin and how the most popular cryptocurrency in the world could move towards its previous all-time high reached in December 2017.
Bitcoin Could Reach $20,000 In Three Months
The crypto analyst Mohit Sorout shared on Twitter his technical analysis on Bitcoin. He stated that it Bitcoin breaks out today, then it would probably reach $20,000 within three months. Bitcoin has been traded between $10,000 and $12,500 since the end of July this year.
In the last 45 days, Bitcoin has tightened its trading range between $10,000 and $11,500. This shows that there has been an interesting period of accumulation in the last few months, which could end in Bitcoin testing its previous highs.
It is worth mentioning that volumes have also been growing in recent weeks and this could also have a positive impact on the largest virtual currency. If we see a move upwards with a high volume we can then confirm a breakout from the recent accumulation region.
Mr. Sprout shared on Twitter about the price of Bitcoin:
“Calm before the storm. If Bitcoin was to break out today, it would most probably reach its previous all-time high of $20,000 within three months.”
Calm before the storm.
— Mohit Sorout 📈 (@singhsoro) October 17, 2020
According to the analyst, Bitcoin could be moving towards $20,000 in just three months if we take into consideration how the virtual currency behaved after subdued periods of volatility. Thus, in early 2021 we could be testing new all-time highs according to the analyst.
It is also worth taking into consideration that Bitcoin was able to break a symmetrical triangle that started when Bitcoin reached its all-time high in December 2017. If Bitcoin does not fall in the coming weeks, there are high probabilities of seeing it moving higher.
In recent months, we have seen how the Decentralized Finance (DeFi) market has been expanding and attracting new users. Now, it may be time for Bitcoin and other altcoins to start moving higher after several years without reaching an all-time high.
Currently, the price of Bitcoin is $11,420 and it has a market valuation of $212 billion. In the last 24 hours, Bitcoin grew by 0.53%.