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Since the second half of September, Bitcoin (BTC) has been struggling to retake lost ground and has been trading between $18,000 and $19,000. The world’s largest crypto managed to break the trend and soared past $20,000 on October 4.
While Bitcoin’s price struggled for the past week, the crypto managed to soar past $20,000 on Tuesday. The price movement arrived as traders expected familiar resistance to cap gains, according to Cointelegraph.
BTC managed to retain its recent gain and, at the time of writing, the crypto traded at $20,140.48 based on Coinmarketcap data. Bitcoin’s price gained by 2.74 percent over the past 24 hours.
The crypto managed to shrug off macroeconomic concerns that cropped up at the start of the week such as the worsening Russia-Ukraine conflict and the trouble at Credit Suisse. Analysts predict that BTC has the potential to top out at around $21,000 as they expect selling pressure at that level to be significant.
Popular trader Capo of Crypto cautioned investors not to be overly optimistic due to the crypto’s positive price movement. “20500-21000 is a sell zone. If price gets there, which should don’t be too bullish,” Capo of Crypto told his followers on Twitter.
While analysts are predicting limited potential upside for BTC, the crypto’s recent rally is in line with the broader rise of risk assets which saw U.S. stocks rising higher than their previous day’s close. Conversely, the greenback suffered with the U.S. dollar index (DXY) extending losses to approach 111 points.
Of course, some crypto experts are more optimistic than others. For instance, Michaël van de Poppe, CEO and founder of trading platform Eight, expects Bitcoin to continue its rally above $22,000.
“Up the market goes,” van de Poppe said. “Flipping $19,500 for support. Now, if range-high at $19,600 holds for Bitcoin, I assume we’ll continue towards $22,400.”
