Bitcoin Price Prediction: BTC/USD next target 2017 all-time high at $20,000 – PlanB

Bitcoin price action is still limited under $12,000 for the third week in a row. The fight to sustain gains above this level have proved unyielding as bears keep having their way. Last week, Bitcoin refreshed levels towards $11,000 but a recovery ensued pulling the price closer to $12,000. The weekend session was mainly mundane. BTC/USD hit a barrier at $11,950, giving way for the ongoing bearish activities. The limited price action on Bitcoin hasn't stopped the crypto community on making bold forecasts for the main cryptocurrency, with popular analyst PlanB stating that BTC is targeting the asset's all-time high from 2017, close to the $20,000 mark.

At the time of writing, Bitcoin is trading at $11,835. Buyers are working extra hard to ensure support at $11,800 is secured by all means. Consolidation above this support would allow bulls to gather the strength for another well-executed attack on the barrier at $12,000.

The 4-hour chart shows the formation of a rising triangle pattern. The expected breakout has continued to delay due to the seller congestion at $12,000.  However, buyers are holding tightly to the hope that eventually the breakout will be significant enough to pull Bitcoin above $12,500 and close in on $13,000.

BTC/USD 4-hour chart

As mentioned, established support above $11,800 is key for the potential; bullish case above $12,000. Meanwhile, other support areas include the 50 SMA at $11,718, the triangle support, the 100 SMA at $11,624 and $10,500. Technical indicators such as the RSI and the MACD hint that consolidation will continue in the narrow range between $11,800 and $12,000.

While using the now popular stock-to-flow (S2F) model, analyst PlanB is bullish on Bitcoin to the extent that he says that the next target is 2017’s all-time high around $20,000. Many analysts are bullish on Bitcoin with some suggesting that the run-up to $14,000 is nigh.

3rd red dot (currently $11850) above 2nd red dot (#bitcoin July close $11356) and above 1st red dot (June close $9132) .. next target: Dec 2017 ATH close $14K pic.twitter.com/X9DePlaDTc

— PlanB (@100trillionUSD) August 16, 2020