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04.12.202012:57 Forex Analysis & Reviews: Bitcoin: What will happen after overcoming $ 20,000 level?

The leading cryptocurrency is seriously set to break through the important level of $ 20,000 and many experts agree that this attempt will be successful. However, the question arises: what will Bitcoin gain from exceeding this level?

A lot of traders and investors are trying to calculate the risks associated with the rapid growth of the main digital currency. Experts of the crypto market evaluate the advantages and disadvantages of the current rise of the BTC, finding more pros than cons in the current situation. Market participants who watch its repeated attempts to rise above $20,000 are concerned about the uncertainty of the situation. Thus, traders and investors are worried about two questions: Will Bitcoin succeed in reaching this level and what's ahead of it?

Over the past two weeks, the main digital asset has tried to surge the $ 20,000 mark twice, but came to nothing. The price of bitcoin stopped at $ 19,400, and then declined to $ 16,200 during the first attempt which was recorded at the end of last month. On the last day of autumn, November 30, it soared to the level of $ 19,900, getting near to a historic record. However, the level of $ 20,000, which is just around the corner, was inaccessible again.

Today, the indicated cryptocurrency moves around the range of $ 19 390- $ 19 420, giving market participants hope to overcome the level of $ 20,000 in the near future. Majority of analysts already confirmed the significance of this round level. If this level is broken, strong inflow of funds from private investors is possible. Moreover, extensive information propaganda from the Internet and the media also supports the interest in Bitcoin.

Experts believe that the level of $ 20,000 is among the key ones in the entire history of Bitcoin, so overcoming it can provoke a massive purchase of BTC, which will lead to its strengthening. For short traders, breaking through this mark may be a signal to close short positions. If we consider this level in an extended planning range, then Bitcoin's growth above $ 20,000 will be the beginning of a new era for the entire cryptocurrency market.

For most digital assets, the current year has proved to be a time of strength testing. Some of them could not withstand the pressure of a number of negative factors and left the market, while others, primarily the BTC, got stronger. The cryptocurrency market has been overwhelmed by many institutional investors, including MicroStrategy, Square, and the PayPal payment system, which integrates the largest digital currencies. It should be recalled that last month, PayPal management added the ability to buy, store and sell virtual assets to its platform for American users. As a result, the leading payment service managed to lead the cryptocurrency rally, which continues to this day. Experts do not exclude that a large-scale correction recorded on the crypto-market will form a new impulse for continuing the current growth.

They believe that if Bitcoin breaks through the level of $ 20,000, it will open the way to new highs such as $ 25,000 and even $ 30,000. However, it will be hard to move to such peaks and it will take a long time to pass it. It is possible that it will reach $ 25,000 at the beginning of the new year and exceed the level of $ 35,000 before 2021 ends. According to analysts' calculations, periods of rapid growth will alternate with profit-taking by investors. As a result, experts concluded that the growth potential of bitcoin will be fixed in the range of $36,000 - $40,000 by the end of next year.

Larisa Kolesnikova,
Analytical expert of InstaSpot
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