Your favorite crypto news blog

Why New Highs May Be Imminent For Bitcoin if $16,150 is Reclaimed

Mining 2020/11/16 00:00 by Nick Chong

Bitcoin has begun to slide lower over the past few days as selling pressure has tapered off at the $16,500 highs. The leading cryptocurrency currently trades for $15,900, a few percent below those highs but still situated above key support levels.

Analysts remain optimistic despite the downward-sloping price action. One trader says that if the cryptocurrency can move to new year-to-date highs and multi-year highs if it manages to close above $16,150 on a short-term basis.

That level has been important for the cryptocurrency over the past few days, marking local bottoms.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Bitcoin Could Move to $16,600 And Beyond if This Level Is Confirmed as Support

Bitcoin managing to flip $16,150 into a support level will likely mean the cryptocurrency pushes to new trend highs at $16,600 and beyond, a trader recently said.

He shared the chart below recently, which shows that the level has been important for Bitcoin, marking two short-term bottoms over the past few days:

“$BTC – Highs are looking ripe for the taking. A move to $16.6k should take care of that. Further confirmation on a reclaim of $16,150.”


Chart of BTCs price action over the past 10 days with an analysis by crypto trader "UB" (@CryptoUB on Twitter).
Source: BTCUSD from TradingView.com
Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

Long-Term Trend Positive for BTC

The long-term trend of Bitcoin remains positive as the fundamental trends still favor long-term growth. Robert Kiyosaki, the author and entrepreneur behind the book “Rich Dad Poor Dad,” recently said:

“Bitcoin boom beating gold and silver. What does that mean? It means you better buy as much as you can now. Train is moving. Dollar dying. Silver still affordable for everyone. As dollar crashes what counts is not price but how many coins of gold, silver, or Bitcoin you own.” 

Tyler Winklevoss, CEO of Gemini and a Bitcoin billionaire has echoed this. Winklevoss thinks that the vast amount of money printing taking place due to the lockdowns will result in a rally in the price of gold and Bitcoin. He thinks that the leading cryptocurrency will outpace the precious metal due to it having arguably more scarce properties.

Winklevoss thinks that Bitcoin could hit $500,000 in this market cycle due to fundamental trends. This would give the cryptocurrency a market capitalization higher than that of gold.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Why New Highs May Be Imminent For Bitcoin if $16,150 is Reclaimed

0 Like(s)

You should also read...

Mining 14/09/20 05:00 by Nick Chong
Bitcoin’s Hash Rate Surges Higher Despite $2,000 Price Correction
Bitcoin has faced a strong correction over the past few weeks as legacy markets have collapsed from local highs. The leading cryptocurrency currently trades at $10,250, over $2,000 below the year-to-d...
Read More
Bitcoin 01/10/20 12:00 by Nick Chong
Bitcoin Just Printed a Monthly Close Above a Pivotal Support Level
It’s been quite the boring past four weeks for the Bitcoin market. The cryptocurrency, after suffering a strong plunge at the start of the month, was largely rangebound between $10,000 and $11,0...
Read More
Bitcoin 04/11/20 11:00 by Nick Chong
Analyst Who Predicted Bitcoin Rally to $14,000 Says $14,500 Is Next
Bitcoin has undergone a strong rally since Monday’s lows of $13,200. The leading cryptocurrency currently trades for $13,900, up 3.2% in the past 24 hours. Bitcoin is trading slightly below its ...
Read More
Bitcoin 15/11/20 03:21 by Nick Chong
Bitcoin Primed to Bounce as $16,000 Level Holds Multiple Times
Bitcoin has undergone a slight drop since the $16,400 highs. Though analysts think that the cryptocurrency remains bullish as the $16,000 support level holds. Related Reading: Here’s Why Ethereu...
Read More
Other 26/01/21 02:00 by Tony Spilotro
Massive Bearish Divergence Hints At First Major Chainlink Corrective Phase
Chainlink was among the first cryptocurrency to set a new all-time high in 2020, but given its absence during the 2017 peak was facing different circumstances and no overhead resistance. The altcoin w...
Read More