This weekend was an important indicator of how Bitcoin was going to finish out this year. With the successive falls in price Bitcoin had succeeded in hitting its 15-35% pullback. However, if the pullback was going to continue or not was an interesting idea.
As I had written a couple of days ago during the weekends liquidity is at its lowest point for Bitcoin. With the huge price routes going in it was a little scary to see if it could continue to cascade downward. Initially with how not much was going on and the price slowly kinda sorta improving Monday was going to be an interesting day.
The last 24 hours though have allowed the Bulls to show they still control the show. I was hoping to see Bitcoin hold just $17,000 to prevent a Bear market from taking control but that did not happen. By Bitcoin now taking $18,000 and doing so with relative ease bulls have clearly established they are back in control going into a new week.
The US financial markets will be fully open since they were closed last Thursday and only open half a day on Friday. This will allow for more of the companies that have been pouring in money the ability to continue to. With the value back up to $18,000 it lines up for another run up to $20,000 by the end of the year.
How far a run up will go or how long it will go for is a whole other topic. At the bare minimum Bitcoin has established a foothold in the $18,000 range. Establishing this gives it a base that it can propel itself off of into the $19,000-$20,000 range. With the Bulls back in control the sky is the limit for the end of the year price. The next week or so will give us a better idea of how the market will respond and how high it could go by the end of the year.
I hope y’all enjoyed this article and everyone keeps staying safe out there in the real world!
