BTC has undergone a massive rally over the past few weeks. The asset has now surged higher by almost 25% since lows set when bearish news broke about the OKEx exchange.
In yesterday’s sessions, Bitcoin extended its rise above the $13,800 resistance level. The flagship cryptocurrency even traded to a new monthly high at $14,081 before it faced a severe rejection. The BTC price started a downside correction and dipped below $14K and $13.8k.
As of this article’s writing, BTCUSD has resumed its move to the upside and is changing hands for $13,829. The pair can maintain this bullish momentum and retest $14K as long as it is trading above the $13,600 support level.
BTCUSD Chart By TradingView
BTC True Breakout Is Imminent
Bitcoin soared to fresh post-2017 highs seen overnight as it continues to impress many crypto enthusiasts. So far, the bulls have remained in control, and BTC hasn’t seen any sustainable drops since this ongoing rally started.
Despite the current rapid move to the upside, one analyst argues that the king coin’s true breakout hasn’t taken place, and investors can expect even more explosive price movement.
According to Bitazu Capital’s Mohit Sorout, Bitcoin volatility is still barely off the lows. He shared the chart below depicting the asset’s historical macro volatility index. As can be seen, volatility is still very low right now compared to historical levels.
Bitcoin’s Macro Volatility By Mohit Sorout | Source TradingView
“$BTC saw these prices in Dec 2017 then once in Jun 2019. We’re here again today but volatility hasn’t even started picking up, “the analyst tweeted.
Sorout concluded that increased volatility in the coming weeks could result in a strong move to the upside.
The actual breakout is projected to take BTC towards $20K, according to another crypto analyst. He pointed to the importance of yesterday’s monthly close above $13,900 and said he expects to see BTC rise to all-time highs of over $20K.
Other prominent figures in the crypto space, including Gemini exchange cofounder Tyler Winkelvoss, also think BTC will surpass the $20,000 mark by the end of 2020.
ETH Price Stuck Below $400
ETHUSD started its drop this past week, plummeting from well above $400 to currently trade at $389. The ETH price dipped below the $400 and $392 support levels in today’s early sessions as the bulls failed to gain enough momentum.
ETH Chart By TradingView
A successful break above the $395 level of resistance is a must to kick start a fresh rally in the near term.