Bitcoin’s intense 2020 rally is showing no signs of slowing down, with yesterday’s dip from highs of $10,200 to lows of $9,700 being met with an abundance of buying pressure that has now led its price to rally up to fresh 2020 highs.
This momentum, which comes just months before the crypto’s highly anticipated mining rewards halving, which is widely thought to be the source of the cryptocurrency’s recent bullishness.
It is important to note that Bitcoin could rally significantly further before it finds enough selling pressure to reverse its uptrend, with one analyst setting a target of $20,000.
Bitcoin Blasts Past $10,000 as Analysts Eye Further Upside
At the time of writing, Bitcoin is trading up just under 4% at its current price of $10,150, which marks a massive climb from daily lows of $9,700, and a slight decline from highs of $10,400 that were briefly visited on margin trading platforms like BitMEX.
It is important to note that today’s rally coincided closely with Bitfinex going down for maintenance, leading some investors to conclude that this could have been the catalyst for today’s rally.
Although this may have contributed to today’s rally, the macro uptrend seems to be related to Bitcoin’s upcoming halving event, which historically generates some notable volatility.
Jonny Moe, a prominent cryptocurrency analyst on Twitter, explained in a recent tweet that he believes this rally could extend as far as $20,000 in the next three months.
“That’s it, I’m saying it. This whole run up I’ve been thinking the $14k highs were on the table before the halving. Based on how fast we’ve moved, I think $20k is in play now. We still have 3 months of this narrative left. Don’t sleep on it,” he boldly noted.
That's it, I'm saying it.
This whole run up I've been thinking the $14k highs were on the table before the halving.
Based on how fast we've moved, I think $20k is in play now.
We still have 3 months of this narrative left. Don't sleep on it.$BTC
— Jonny Moe (@JonnyMoeTrades) February 11, 2020
Other analysts are noting that the fast approaching halving is likely to help keep BTC above $10,000 in the near-term, with the crypto seeing a rally to fresh all-time highs after the event occurs in May.
Satoshi Flipper, another popular analyst, mused this possibility in a recent tweet, explaining that he believes BTC with float around $10,000 while altcoins “fly,” with BTC then going on its moon mission after the halving occurs.
“Fairly confident we’ll stay above $10k while alts will fly next few months. Of course anything can happen. Not saying $BTC will never go below 10k. Sure it can. But I think we’ll float above heading into the halving. After halving is when $BTC will really fly to new ATH,” he explained.
Fairly confident we'll stay above $10k while alts will fly next few months.
Of course anything can happen. Not saying $BTC will never go below 10k. Sure it can.
But I think we'll float above heading into the halving. After halving is when $BTC will really fly to new ATH.
— Satoshi Flipper (@SatoshiFlipper) February 11, 2020
If Bitcoin does continue climbing higher in the weeks ahead, its 2020 rally could induce an intense sense of fomo amongst investors that subsequently leads it to see another parabolic rally.