If Bitcoin Passes $14K, Analysts Say Traders 'Should Look to $20,000' Instead of Looking Back

While bitcoin prices touched all-time 2020 highs on Tuesday, a few analysts say they are expecting only a few more hurdles to surpass the 2017 all-time high (ATH). For instance, the market analyst from Etoro, David Derhy, says to look to $20,000 instead of back at $12,000.

• A few traders and popular cryptocurrency analysts think that bitcoin (BTC) simply needs to cross the $14k region and its lift-off from there. Tuesday’s 2020 ATH of $13,684 is just shy of last year’s ATH at $13,796 per bitcoin which was accomplished on June 26, 2019.
• Macro strategist Raoul Pal said on Tuesday that there are only two major BTC price resistances left. “There are literally only two resistances left on the bitcoin chart – $14,000 and then the old all-time high at $20,000,” Raoul Pal tweeted on Tuesday. “I fully expect new all-time highs by early next year at the latest.”
• Senior market analyst for Etoro, Simon Peters, explained this week in an investor’s note that “stimulus fears could stoke the fire for bitcoin.
• “We may also see an uptick of inflation, another important aspect of Satoshi Nakamoto’s view of modern economies that drove him/her/them to create Bitcoin,” Peters wrote. “It will also be interesting to see how this impacts the correlation between bitcoin and equity markets.”
• “Okex futures order book asks being pulled/executed at market in the last few days as BTC consolidates,” the popular crypto analyst dubbed ‘Light’ told his 25,000 Twitter followers on Tuesday. “A move above $14k in the near term is increasing in probability,” Light added.
• In the same investors note, market analyst from Etoro, David Derhy, detailed that people should “look to $20,000 instead of back at $12,000.”
• “The current run could simply push through all the way to $14,000,” Derhy wrote this week. “If that is the case, then the next level from a technical and fundamental perspective would be $20,000. With the U.S. election coming up next month, further economic stimulus from the government is going to happen even if the size of that stimulus is still up for discussion. I am of the view that we won’t see a drop back down below $12,000 for a while yet.”
• Just recently, the ‘Oracle’ Vinny Lingham said similar statements and doesn’t expect the price to drop below $12k during the next 30 days.
• Meanwhile, bitcoin’s (BTC) hashrate has seen a 45% slump during the last three days.