Bitcoin price wants to break past $20,000 while sidelined investors wait for 30% correction

  • Bitcoin price remains trading above $19,000, awaiting a clear breakout or breakdown.
  • Several on-chain metrics suggest Bitcoin is poised for a big move above $20,000.

Bitcoin has been trading inside a tight range between $18,500 and $20,000 for the past week, trying to create a clear breakout or breakdown. It seems that many on-chain metrics are in favor of Bitcoin price, while patient investors still wait for a potential 30% correction.

Bitcoin price eying up to $20,000 as the next price target

According to recent statistics from Glassnode, it seems that around 10% of Bitcoin’s total supply was moved at a price of $18,000 or higher. This indicates that investors are interested in the digital asset even at a price of $18,000 or above. 

Most importantly, during the bull rally in 2017 when Bitcoin hit its all-time high, this number was only 2%, which is a significant difference. Additionally, Jarvis Labs, an artificial intelligence system that analyzes network statistics, notes that the miner reserves have started going sideways during this bull rally.

Apparently, back in 2019, the same trend was observed, which led to Bitcoin price jumping from $4,000 to $14,000. At the same time, popular and prominent investors like Kevin O’Leary state that an SEC-approved Bitcoin ETF would be exciting.

The star of the popular TV show, Shark Tank, has recently stated that he is ready to put around 5% of his investment portfolio in a Bitcoin ETF approved by the SEC. Billionaire Hedge Fund Manager Paul Tudor Jones has said that Bitcoin’s total market capitalization should grow beyond $500 billion in the near term, adding:

Bitcoin reminds me so much of the internet stocks of 1999 because the internet was in its infancy. No one knew how to value it because of the world of possibilities that lay ahead.

Bitcoin price analysis: Key levels to watch out for

On a shorter time-frame, like the 4-hour chart, Bitcoin price has established a descending triangle pattern, which still has a lot of room to expand. A breakout above the upper trendline would currently push BTC towards $20,400, setting a new all-time high.

btc price

BTC/USD 4-hour chart

It’s also important to note that the In/Out of the Money Around Price (IOMAP) chart shows practically no resistance to the upside and a robust support area between $18,667 and $19,228, where 1.54 million addresses purchased 870,280 BTC.

btc price


However, despite the many bullish metrics in favor of Bitcoin, a bearish breakdown below the lower boundary of the pattern at $18,674 would lead Bitcoin price towards $17,600. This theory seems to coincide with the one posted by Whalemap on Twitter.

Whalemap is a Twitter account that focuses on on-chain metrics and notes that $18,979 is a big level in the short-term. The next support point would be located at $17,651, which coincides with the price target in case of a breakdown of the descending triangle pattern. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Polkadot: Must reclaim key level for a chance to see new all-time highs

Polkadot price is contained inside a symmetrical triangle pattern on the 4-hour chart. The digital asset faces a key resistance level which could be the key to new all-time highs. Investors are interested in Polkadot as a potential alternative to Ethereum in the long-term.

More Polkadot News

VeChain: Edges closer to a breakout

VET price is consolidating in a descending parallel channel on the 1-hour chart. A decisive close above $0.048 will signal a breakout from the consolidation pattern and trigger a quick 5.65% upswing.

More VeChain News

Ocean Protocol’s latest developments could provide OCEAN price tailwind for a 60% upswing

Ocean Protocol announces a collaboration with Benchmark protocol to expand the DeFi data economy. Now, it's price needs to reset before it goes on a 60% bull rally to new highs.

More Cryptocurrencies News

Fundamentals grow strong despite crypto market-wide correction

Kraken CEO believes Bitcoin will hit $1 million. Leading brokerage firm Charles Schwab is planning to roll out crypto trading services.

More Cryptocurrencies News


Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast