Lorenzo Stroe
Independent Analyst
- Bitcoin price is on the verge of breaking $15,000 for the first time since January 2018.
- BTC seems unstoppable, hitting 65.6% in market dominance and aiming for more.
Despite several indicators showing the flagship cryptocurrency to be overextended and the uncertainty surrounding the US presidential elections, Bitcoin has continued climbing towards $15,000.
With very little opposition above, it seems that Bitcoin has no limit and will likely hit its all-time high at $20,000 again. Despite the current price, it can be observed a massive spike in the number of holders with 100-1,000 coins from 13,754 on October 30 to 13,986 currently. This metric shows investors are still extremely interested in BTC even though the price is already quite overextended.
Can Bitcoin price climb to $20,000 without stopping?
So far, after the notable breakout above $12,000 on October 21, the price of Bitcoin has been unstoppable, with only a few brief pullbacks on the way up. At this point, it looks like the flagship cryptocurrency is facing no resistance levels until $16,322, the high of January 2018.
BTC/USD weekly chart
Investors seem to be panic buying as the number of holders with 100-1,000 coins has increased by 232 in the past six days. This significant rise in demand is adding more buying pressure, taking Bitcoin closer to $15,000.
 [14.11.19, 05 Nov, 2020]-637401830537055020.png)
BTC Holders Distribution chart
On top of that, the In/Out of the Money Around Price (IOMAP) chart continues showing very little resistance to the upside well until $17,090. From $14,869 to $17,090, only 226,000 BTC were bought. In comparison, the support area between $13,517 and $13,961 has a volume of 840,640 BTC, more than tripling the Bitcoin bought above $14,869, which means there is extremely low selling pressure above.
BTC IOMAP chart
The only real chance for the bears in the short-term is a rejection of the psychological level at $15,000 straight into a re-test of $14,000. All psychological levels below $15,000, at $13,000 and $12,000, would be potential price targets for the bears. The overextended Relative Strength Index (RSI) on various time frames could help this bearish narrative as it indicates that the digital asset is overbought.
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