On the 5th of November, Bitcoin crossed $14,500 to hit its highest price since January 2018. Amid the US elections, BTC is currently up 7.16% and trading at $14,865.
Before the new-high, Cointelegraph Markets analyst Keith Wareing said Bitcoin needed to cross $14,400 before a further surge. On the 4th of November, Wareing noted in a tweet:
“Waiting for Bitcoin to break $14,400 or get rejected. For me this is the level to get passed before a relatively clear run to $17k.”
According to a Cointelegraph report, analysts have concluded that Bitcoin would enjoy a continuous increase if it breaks $14,000.
The co-founder of Gemini exchange Tyler Winklevoss and the CEO at Real Vision Raoul Pal also added that Bitcoin could hit a new all-time high before the end of 2020. Shortly after, the executives extended the time frame to early 2021.
Over the past week, Bitcoin has climbed over $14,000 on three different occasions. For the first time since January 2018, Bitcoin hit $14,100 across major exchanges on the 31st of October. Interestingly, this coincides with the day Bitcoin founder Satoshi Nakamoto released the Bitcoin whitepaper in 2008.
Few days after hitting levels not seen since 2018, Bitcoin rose 2% to $14,000 on the 3rd of November.
In 2018, Bitcoin recorded its all-time-high of $20,000.
Image Credits: Pixabay
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