As Bitcoin price approaches $20,000, it becomes more likely that the ongoing rally is yet to lose momentum. Volume continues to rise as several metrics begin to see new highs. The current market behavior suggests that the $2,000 price gap to new all-time highs will be closed in the upcoming weeks.
Bitcoin price continues to gain traction, as its fundamentals are looking strongly bullish, and it appears that the market is yet to price in these factors fully. It is expected that this narrative would ramp up the price to new highs.
The bullishness of the present market seen in Bitcoin is different from the last bullish cycle, but the current price rally is not coincidental.
Given that the backdrop to the recent strong price performance is fundamentally strong, Bitcoin may soon slice through the $18,500 resistance and retest the previous all-time highs.
Smashing the $19,892 price hurdle will clear the path for a jump towards the 127.2% or 141.4% Fibonacci retracement levels. These important potential price targets sit at $24,500 and $26,830, respectively.
Failing to break through the overhead resistance may lead to a correction to the 78.6% or 61.8% Fibonacci retracement levels. These support zones are hovering around $16,300 and $13,500, respectively.
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