Bitcoin price prediction: Will price reach $20,000 before correcting??

TL;DR Breakdown

• Bitcoin price at $18387 at press time.
• Bitcoin price bullish on mid and long-term charts
• Bitcoin price expected to cross $20,000 before correcting

Bitcoin price prediction: Today’s price overview

Bitcoin price opened at $18,432, continuing the bearish momentum from yesterday. However, the bears did not manage to muster much momentum, and the price has been consolidating between $18,000 and $18,500. Currently, the price is trading at $18,345, showing a 0.47 percent decline from the day’s opening price.

Bitcoin price overview over the last 24 hours

Bitcoin price opened with slight bearish momentum that seemed to continue throughout the day. The buyers soon found support when the price declined to $18,000 and initiated a trend reversal. The price ascended for the next few hours, with the bears constantly applying pressure. The price rose to $18,786 before the bears took over. The price declined to $18,150 before finding support at the level—currently, the price is consolidating in the area with bears dominating the short-term chart.

On the technical indicators, the RSI started the day leaning towards the oversold territory, which turned out true as bullish momentum kicked in at 01:00 UTC. The RSI continued to stay neutral for the next few hours before suggesting slightly overbought conditions at 10:00. The price action soon followed suit. Currently, the RSI is neutral, while the MACD remains bearish with signs of a bullish turnover.

BTC USD November chart

The above chart shows that the Bitcoin price started the month with declining bullish activity. However, the buyers defended the support at $13,245 and initiated a bullish rally. The price starting ascending after a brief period of consolidation. The price continued to ascend until November 7, when the bulls were met with strong resistance.

Despite the rejection, the bulls pulled through and continued the rally after a brief decline. The rally continued till November 14, when the bulls appeared exhausted. However, the buyers continued charging ahead after a period of consolidation near the $16,000 mark. The price continued to ascend for the next week as it climbed above $18,000 where it currently hovers.

Bitcoin price prediction: Where is Bitcoin price heading?

Bitcoin price started the year with slight bullish momentum while the market had still not recovered from the crypto winter of 2018. However, the bullish momentum seemed short-lived as the price declined to near $4,000 in March. However, the buyers defended the key support level at $4,000 and initiated a bullish rally that has elevated the price significantly since then.

The price ascended smoothly until it reached the region between $8,000 and $10,000. The price action then consolidated there for nearly two months as the bulls and bears fought for market dominance. The bulls tried to charge above but were unable to do so until September. Since then, the bulls have been in control, with the price rising at a steep gradient for the better part of October and November.

On the technical indicators, the RSI shows that the current Bitcoin price is too high and suggests that the asset is overbought. The indicator suggests that the price needs a healthy correction before continuing the bull rally. However, the MACD shows that the buyers remain firmly in control of the price action without any signs of a bearish turnover.

The price action seems like it needs a healthy correction. However, the momentum suggests that the bulls may continue to chare ahead as fear of missing out (FOMO) kicks in. As such the price can be expected to continue rising with hopes of touching $20,000 in early to mid-December. However, a correction will take place albeit at a higher price level.