After 3 years of drastic ups and downs in price, with falls that scared more than one, Bitcoin is determined to reward all those who decided to trust it, a long cumulative period has been left behind, clearing the way to the moon thanks to the conquest of the 20k.
We are talking about the fact that the price is entering untouched ground, where there is no previous resistance that we can think will hinder the rally.
As we discussed yesterday, BTC was most likely looking to mark a new high in the near future. And it is that after picking up demand near $ 17,600 the bulls had regained control in the short term.
Despite the fact that there is still a divergence of strength, the product of an impulse that already has more than 2 months without going back in a healthy way, buyers do not care about this situation when greed is the one who controls them.
And there are good bases to get on the train accumulating BTC, as long as we have a well-placed vision in the long term. The institutional capital that enters and that plans to enter the market is increasing, while the available supply is not enough for so much demand, a situation that clearly increases the price.
Bitcoin preferred the conquest of 20k before a healthy correction
When we look at the weekly chart of BTC vs USDT we notice a totally parabolic momentum, with just 2 weeks of small bearish candles.
For now, the price of Bitcoin has not wanted to go back in a healthy way, and with the conquest of 20k, it is very likely that we will see even more bullish volatility in the short term.
There is little point in trying to forecast declines in such a strongly bullish trend. Although buyer exhaustion says a pullback could soon occur.
It is clear that a correction is likely, but it will only be a matter of waiting for it to happen. There the best idea will be to get on the train again, taking advantage of the demand that incentivizes discount prices.
At the time of this writing BTC is trading at $ 20,556, and everything indicates that it will continue to rise at least in the next few hours / days.
The rally is just beginning
Looking at the monthly chart we realize that what we see as a big rise so far this year is just the beginning of long-term momentum.
The last 3 years have been a long cumulative period; but now with the conquest of 20k, the terrain is totally clear until the moon. The next ATH is still a long way from the current price.
The momentum that is developing still has a long way to go. However, some corrections will happen along the way, but they will not be more than profit taking and seeking demand from those who understand that the main trend is undoubtedly bullish.
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