Bitcoin shrugs off naysayers with a stellar rebound that prints an all-time high since 2017, cementing its structural long-term bull run for next year.
Near-term wise, however, price could retest support on the bullish trend line. If that holds, a pennant breakout to $20,000 is inevitable.
That said, there is a higher probability for the digital asset to revisit its closest support structure at $18,000 before resuming uptrend.
Similarly, an extended loss to the mid-$17,000 support is possible but carries a lower probability.
Near-term wise, however, price could retest support on the bullish trend line. If that holds, a pennant breakout to $20,000 is inevitable.
That said, there is a higher probability for the digital asset to revisit its closest support structure at $18,000 before resuming uptrend.
Similarly, an extended loss to the mid-$17,000 support is possible but carries a lower probability.
Comment:
Even though the price is trending much like what we had forecasted, the recent price action at the macro level might have changed the market's overall direction. At the moment, the probability of price making a big dip has increased drastically. The key level to watch for is $17500. If that breaks, then we are likely to see a waterfall correction. As long as the price maintains above $17,500 or even better $18,000, then the chances of Bitcoin making a run above $20,000 is in the cards.
