Bitcoin Price Continues to Roar Higher, Pushing to $16,750

Bitcoin Price Continues to Roar Higher, Pushing to $16,750

November 16, 2020

Bitcoin has continued to soar higher after our last market update. The cryptocurrency recently traded as high as $16,770, a new year-to-date high and a new multi-year high.

Many analysts saw this latest leg higher as notable as BTC moved above $16,600, the level at which John McAfee famously tweeted the following statement:

“Bitcoin now at $16,600.00. Those of you in the old school who believe this is a bubble simply have not understood the new mathematics of the Blockchain, or you did not cared enough to try. Bubbles are mathematically impossible in this new paradigm. So are corrections and all else.”

Chart of BTC’s price action over the past day from TradingView.com

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

Bitcoin Continues To Surge Toward $16,700

Analysts think the cryptocurrency rallies even higher in the days ahead. Tyler Winklevoss, CEO of Gemini and a prominent cryptocurrency investor recently said:

“I do think we will see an all-time-high price for #Bitcoin before 2020 is over. Even though the price has climbed from 10k to almost 14k in less than a month, it hasn’t really gone on a breakout run yet. When we start to see 3-5k surges then the bulls will be on the run.”

The fundamentals also lend to continued upside.

Analyst Willy Woo recently noted that the Realized Price Bitcoin metric is moving higher, suggesting the ongoing rally is “organic”:

“Realised Price estimates the average price the market paid for their BTC. Now at its steepest slope for this cycle, meaning capital influx into #Bitcoin is at its highest rate since the last bull market. (Higher than last year’s $4k-$14k move; the current move is more organic.). For the sake of this comment I’ll define ‘organic’.”

Bitcoin could continue to move higher if the daily candle closes above the previous local highs.

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