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Bitcoin Price Prediction as BTC Pumps Past $20,500 – Where is it Going Next?

Arslan Butt
Last updated: | 2 min read

During the European session, Bitcoin remained bullish, having gained just over 0.5% in the last 24 hours to trade at $20,600. October is usually a positive month for Bitcoin, despite the slow start to the month and continuation into the last week of the month, which eventually triggered an upward trend.

During the Asian session, the cryptocurrency market took a sharp upward swing, and negative sentiment swiftly evaporated. With Wednesday’s trade session coming to a conclusion, BTC’s price has risen above $20,000 for the first time in several weeks. However, what does a rejection at $21,000 mean?

Messina Group CEO Bets Porsche Bitcoin Will Return to $60K

Jim Messina, CEO of consultancy firm The Messina Group, shared his optimistic outlook on cryptocurrencies and Bitcoin in particular on Wednesday (October 26). 

On Fox Business, when Bitcoin was trading at around $20,000, the ex-White House deputy chief of staff discussed cryptocurrencies. Messina said:

Look, I think blockchain and crypto is one of the most exciting developments in our lifetime. I think when this is all over, we’re going to be known this generation for Covid and for reimagining our financial system. I’m incredibly bullish on this. I think it’s good to have a crypto winner, getting rid of some of the BS projects that are out there.

As a result of the optimistic tweet about Bitcoin’s forecast reaching $60K, we may see a bullish trend in crypto prices.

Bitcoin Price Prediction as BTC Pumps Past $20,500 

Bitcoin is currently trading at $20,583, with a 24-hour trading volume of $54 billion. Bitcoin has risen by more than 7% in the last seven days. 

Bitcoin Price & Tokenomics – Source: coinmarketcap

Bitcoin rose after breaking out of a symmetrical triangle pattern at $19,250. The BTC/USD pair has traded bullishly, breaking through immediate resistance levels at $19,900 and $20,430, as predicted in the Bitcoin price prediction for October 26.

For the time being, it is encountering immediate resistance at $21,000, a level extended by the 61.8% Fibonacci retracement. The RSI and MACD are still in a buying zone, indicating a bullish run; similarly, the 50-day moving average indicates buying above $19,600.

Bitcoin Price Chart – Source: Tradingview

Bitcoin’s near-term support is still around $20,400 and $19,900. If the price of Bitcoin breaks through $21,000 today, BTC’s next major resistance would be at $22,500. It will likely take many months before BTC can revisit its previous all-time high again.

Top Coin Alternative – Dash 2 Trade 

For those traders that maybe can’t wait another few months for big gains, there are a number of smaller altcoins that have been beating the market in recent weeks, with presale tokens proving particularly lucrative.

One promising ongoing presale is Dash 2 Trade – a crypto analytics and intelligence platform for traders and investors. Think of it as a Bloomberg terminal for crypto enthusiasts.

In just over a week, D2T has raised more than $2.8 million in its presale, catching the attention of crypto investors worldwide. 

At a time where presales are doing particularly well, D2T is poised to continue this positive momentum.

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Find The Best Price to Buy/Sell Cryptocurrency

Cryptocurrency Price Tracker – Source: Cryptonews