Bitcoin is eyeing $20K as the cryptocurrency market is firing on all cylinders

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(Kitco News) – The positive momentum in the crypto market extended for another day on Friday as the price of Bitcoin (BTC) continued its bullish trend despite the release of a letter from US Treasury Secretary Janet Yellen warning congressional lawmakers that the government may hit its debt limit on January 19. .

The stock market also continued to see improvements after the University of Michigan’s January consumer survey rose to a nine-month high of 64.6 from 59.7 last month. When markets closed ahead of the three-day weekend, the S&P, Dow, and Nasdaq were all in the green, up 0.4%, 0.33%, and 0.71%, respectively.

Data provided by TradingView shows that Bitcoin saw its fifth consecutive day of gains as the bulls looked to push towards $20,000 after traditional markets closed, reaching a daily high of $19,920 at the time of writing. The increasingly bullish nature of Bitcoin’s price movement has led many cryptocurrency traders to declare the end of the crypto winter.

4 hour BTC/USD chart. Source: TradingView

Bitcoin’s early morning pullback was called a “routine corrective pullback after hitting a nine-week high on Thursday,” by Kitco chief technical analyst Jim Wyckoff in his morning Bitcoin update.

“BC bulls have gained some steam this week amid an emerging bullish trend in prices on the daily bar chart, pointing to more bullishness in the near term,” Wyckoff said, adding that “the path of least resistance for prices is sideways to the upside.”

Cryptocurrency proponents have recently popularized BTC to update Posted by professional commodities trader Peter L Brandt who claimed that Bitcoin is at “the low of this cycle right now.”

Brandt did not go so far as to state that a bottom is definitely in, but said: “Bitcoin has been highly anticipated with multiple X advances followed by 80% declines, multi-quarter consolidations before new ATHs and then another multiple X advance.”

BTC/USD 6-month chart. Source: TradingView

“I don’t expect bitcoin to run away from the upside, but instead run higher in late 2023/early to mid 2024 when ATHs are retested,” Brandt concluded.

Insights into what levels to watch for potential short and long positions were provided by market analyst Michael van de Poppe, who posted the following tweet highlighting the price range between $19,100 and $19,400 for short positions and $18,200 for long positions.

Alt currencies rise

The altcoin market was blasting on all cylinders Friday afternoon as a rally in the Bitcoin price triggered a buying frenzy across the market as traders piled in not to miss out on the improved outlook.

Daily cryptocurrency market performance. Source: Coin360

Micromines (MICRO) was the biggest gainer for the second day in a row, rising another 112.58% to $0.0114. The second biggest gainer was SingularityNET (AGIX), which posted a 56.09% increase, followed by a 30.56% gain for Decentraland (MANA).

The total cryptocurrency market cap is now $935 billion, and Bitcoin’s dominance rate is 40.7%.

Not giving an opinion: The opinions expressed in this article are those of the author and may not reflect the opinions of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; However, Kitco Metals Inc. cannot. Nor does the author guarantee this accuracy. This article is for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. does not accept The author of this article will not be held liable for losses and/or damages arising from the use of this publication.

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