Bitcoin Price Hitting $20K Wouldn’t Be Surprising | BTC Continues To Be Resilient As Economy Tanks

By March 23, 2020 Bitcoin Business
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Adam Back, the CEO of Blockstream who was quoted in Satoshi’s white paper, says that the Bitcoin price hitting $20,000 would’t seem surprising to him if that happened due to the current BTC market conditions.

“woke up to a vivid dream this morning, which took a moment to realize was a dream. sure you’ve had them once in a while. it was that bitcoin hit $20k overnight and then pulled back to $16k. didn’t seem surprising given the market conditions, so it wasn’t price that caused wakeup” – Adam Back

Bitcoin Could Rocket Higher

It is worth noting that Back accurately called Bitcoin’s recent price spike.

As reported by U.Today, he explained that dip buyers would soon start putting their cash to work.

The drop that followed dampened bullish sentiment, but it remains to be seen whether this downtrend will continue.

With the U.S. Federal Reserve firing new bazookas and the Bank of England promising to print an unlimited amount of money, there hasn’t been a better time for Bitcoin (BTC) to shine.

Bitcoin Price Analysis: BTC Continues To Be Resilient As Economy Tanks – Are We Headed Above $7,000 Next?

Bitcoin fell by a total of 4% over the past 24 hours of trading.

It had dropped much further lower but managed to find strong support at $5,786 which allowed the cryptocurrency to rebound higher and break back above $6,000.

The cryptocurrency is proving to be extremely resilient as it continues to stabilize whilst the rest of the economy around the world continues to fall further lower.

Short term prediction: NEUTRAL Bitcoin remains neutral and would need to close above $6,500 before we can consider a very short term bullish trend.

Toward the upside, the first level of strong resistance lies at $6,175.

The coin has struggled with this resistance over the past 4-days of trading and failed to close above here on each attempt.

Above this, resistance lies at $6,542 (bearish .5 Fib Retracement) and $7,000. If the buyers continue to drive even further above $7,000, resistance lies at $7,100, $7,174 (bearish .618 Fib Retracement), and $7,270.

On the other side, support is located at $5,786. This is followed with support at $5,600, $5,500, and $5,467 (.618 Fib Retracement).

Key Levels Support: $5,911, $5,786, $5,600, $5,500, $5,467 $5,200, $5,000, $4,800, $4,672, $4,577, $4,139, $4,000, $3,912, $3,500, $3,436..

Resistance: $6,174, $6,542, $6,700, $6,800, $7,000, $7,174, $7,200, $7,270, $7,500, $7,676, $8,000, $8,073, $8,250, $8,461, $8,672, $8,979, $9,000, $9,100.

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

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