Bitcoin Price Prediction: BTC/USD above 9,500, is this the beginning of the journey to $20,000?

As halving effect kicks in, Bitcoin investors look forward to a rally eyeing $20,000.
Bitcoin step above $9,500 confirms a return of the bulls after recovery from last week’s lows at $8,100.

Bitcoin price is bullish several days after the halving process. While many people expected a massive price action after the halving, Bitcoin has taken a slow approach; first stepping into the $9,000’s range and then breaking the resistance at $9,500. At the time of writing, Bitcoin is trading at $9,540, following a 2.37% growth on the day. Buyers have kept their eyes on the medium-term target at $10,000 since the opening at $9,318.

Investors are waiting with baited breaths for Bitcoin to rally to new all-time highs. Based on the trend of the first two halvings, Bitcoin recorded massive gains. If history repeats itself, experts such as Tom Lee believe that $20,000 is a preservative prediction. Lee of Fundstrat once said Bitcoin had the potential of rallying to $40,000 by the end of 2020 after the halving. PlanB, a pseudonymous crypto analyst using the Stock To Flow (S2F) model predicts a surge to $80,000 by the end of 2021.

Bitcoin technical update

Bitcoin price is trading at o$9,540 amid increased volatility during the European session. The Asian session was lethargic with the $9,400 level being an uphill task to break. However, the break above $9,500 confirms the bulls’ presence in the market.

According to the RSI, Bitcoin is comfortable in the hands of the buyers. The indicator has renewed the movement towards the overbought. If the motion remains intact, more buying entries could eventually push BTC/USD towards $10,000.

As far as support is concerned, $9,300 is the short term support. If push comes to shove and a reversal ensues under $9,000, Bitcoin would seek support at $8,800, $8,400, the 200-day SMA at $8,000 and the 50-day SMA at $7,694.

BTC/USD daily chart

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.