Highlighting BTC Major Milestone: Can it Record a New ATH?

News / 27.10.2020

The world seems ready for widespread BTC adoption after it approached levels not seen since after the burst of the crypto market bubble in 2018.

As per a Bloomberg report published on Oct. 27, the flagship crypto climbed by over 3.7% to hit $13,497, nearly matching the $13,851 high set on Jun. 26, 2019.

btc gains in 2020 vs 2019

BTC price Approaches June 2019 High | Source Bloomberg

 

If BTCUSD manages to surpass this 2019 high, it will have registered its highest price since BTC traded at $16,932 in Jan 2018. The king coin went on to soar to an all-time high level near $20K during that period before it corrected lower to $3,136 in Dec 2018.

BTC is seemingly benefiting from an inflow of institutional capital into the market, with Square Inc. recently joining Microstrategy in acquiring millions of dollars’ worth of coins. 

Moreover, PayPal Holdings Inc reinvigorated the crypto space last week with an announcement that it would start supporting crypto. 

Further bullish news for crypto and its underlying blockchain tech surfaced last week when the European Central Bank unveiled the start of tests for a digital Euro.

The Crypto Space is Buzzing With Excitement

The world’s largest digital asset has now soared by nearly 25% this month alone and by more than 80% since the start of 2020. 

Following BTC’s recent rally, many in the crypto community are excited that the world is getting ready for massive adoption

“It seems that there is more excitement and that crypto will be used more often. The world seems poised for a digital currency,” asserted Edward Moya, a senior market analyst at Oanda Corp. 

At publication time, the BTC price has gained about 0.21% in the hourly timeframe to trade at $13,420. 

btc usd price analysis

BTCUSD chart by TradingView

BTC Price Forms Pivotal Sell Signal

The benchmark crypto is currently forming a pivotal sell signal with marked BTC rallies’ highs on several occasions over the past few years. 

According to one prominent BTC analyst, the two-day Tom Demark Sequential has printed a “sell 9” candle last seen during the highs in 2019.

The strong sell signal indicates that a BTC correction could be imminent in the coming sessions, a sentiment echoed by analyst Cole Garner.

Garner argues in his tweet that the king coin is likely overbought in the near term and will therefore face a short-term correction in the coming days.

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Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies.