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

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

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at the European session Bitcoin It is trading at $20,600, up over 0.5% over the last 24 hours. October is usually a positive month for Bitcoin, but the month started late and lasted until the final week of the month, eventually triggering an upward trend.

The cryptocurrency market surged during the Asian session and the negative sentiment quickly faded. BTC price crossed $20,000 for the first time in weeks as Wednesday’s trading session drew to a close. But what does a rejection at $21,000 mean?

Messina Group CEO Expects Porsche’s Bitcoin to Return to $60,000

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

On Fox Business, the former White House Deputy Chief of Staff spoke about cryptocurrencies when Bitcoin was trading at around $20,000. Messina said:

See, I think blockchain and crypto are one of the most exciting developments in our lifetimes. When all this is over, I think we will be known in this generation for Covid and rethinking the financial system. I am incredibly bullish on this. I think it would be nice to get rid of some of the BS projects out there and have a crypto winner.

We may see a bullish trend in cryptocurrency prices as a result of an optimistic tweet predicting Bitcoin to reach $60,000.

Bitcoin Price Prediction When BTC Breaks Above $20,500

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

Bitcoin Price and Tokennomics – Source: coinmarketcap

Bitcoin rose after breaking out of a symmetrical triangle pattern at $19,250. The BTC/USD pair is trading bullish at $19,900 and he has broken through the $20,430 resistance level. Bitcoin price prediction October 26th.

For the time being, it encountered immediate resistance at $21,000, a level extended by the 61.8% Fibonacci retracement. RSI and MACD are still in the buy zone, indicating a bullish move. Similarly, the 50-day moving average shows buys above $19,600.

Bitcoin Price Chart – Source: Tradingview

Short-term support for Bitcoin is still around $20,400 and $19,900. If the Bitcoin price breaks out of $21,000 today, BTC’s next major resistance will be $22,500. It will probably be many months before BTC can hit all-time highs again.

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Cryptocurrency Price Tracker – Source: crypto news

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