Bitcoin Forum

I've been wondering why it hasn't been possible for Bitcoin to hit $20k this year despite its ability to sometimes gain more than $1k within days.

It had always retraced anytime it reaches $19K plus.

What do you think is the reason?

It reached a new high on many exchanges like on Bitstamp the ATH was 19575 and now it's 19918. We were never at full 20 thounsand and it's a round number so we can say that Bitcoin was unable to break that barrier in 2017 and it can't do it now.

For me it doesn't matter because we have confirmed a serious bullish trend by forming a new high, even if this high is not even 1% higher from the previous one. It's there and it's there for all to see. Especially for those naysayers like Peter Schiff.

The Answer is very simple. The $20K region is now considered a major resistance region and breaking through it will be a major milestone in Bitcoins Price history. If you expected Bitcoin to continuously rise all the way from $10K and just breakthrough the $20K price minus any corrections, then you were totally wrong. That's not how the market works.

There will always be retractions until the buying power is strong enough to push past the resistance region.
IMO, I never even expected Bitcoin to get so close to $20k this year. I think things will be greater next year.

It hasn't reach 20k in 2020 because 2020 isn't over. :)
We still have enough time for volatility to do its thing so let's cross some fingers and just watch the outcome.
Besides, I think we shouldn't be too obsessed about the whole price thing. Bitcoin is not about it's price... But it's use-case.

Aren't we forgetting something?
we are in the middle of a pandemic

The market is down , stocks trading is clearly dying, people are waiting for the market to go up , investments are either on the waiting list or are victims of huge Inflation.

If bitcoins did maintain a healthy price and was able to even touch near 20,000 , this was actually a truly wonderful and fortune move for the crypto and the whole market. Instead of thinking about the price not being able to touch 20,000 , I do believe we should appreciate the market for it's stability that it has shown in 2020 and supported numerous families and even charity events.

Even if it does not hit 20,000 , it's providing people with employment,  source of income, investment , safe heaven ,   method of payment and what not , it's something that personally saved me and my family from the pandemic in 2020.

Fear always start when history seems repeating itself. 20K price is the ATH so it means that it was the major resistance of all time. We are lucky that BTC is in 19k mark despite of the pandemic. Global Stock market still not recovered from there price before Pandemic while BTC is already near ATH now.

The current price level is a sign that many traders are still hoping that BTC will gonna go higher because many are still holding. Unlike before that massive sell occur after BTC hits ATH.

I reckon with your humorous response. The year 2020 is indeed still ongoing and it's not over until it is over.
Personally, I expect it to hit that 20k mark by the 31st Dec, even though resistance has been so strong at that point.
But whether it gets there or not, I reserve a lot respect for the king of crypto. It has done very well in this financial year.

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I'm in agreement with your line of view. Bitcoin has outperformed most assets in the market this year despite all the meltdowns and downturns caused by the pandemic. It has as well been a source of succor to many players in this ecosystem this year.

But even as we'll not hesitate to commend its performance so far, we'll also not hesitate to ask for more. The better it performs the more and more lives it changes for good, and better for all of us the evangelists.

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You sounds like someone who controls someone Billions of Dollars and getting ready to pump it into Bitcoin in a few days time. That'll be a very good thing for the market. I'm looking forward to celebrate it on that day.

But I think it's not realistic to exactly predict the market price because the price movement is controlled by market forces of demand and supply.

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We cannot rush it this way because there are lots of tendencies to push it even more than that. Right now, we never have seen such a price where it holds at that high for a long time in the market. We will by the end of this year if the price still holds at $19,000+ in the market, then $20k would be possible at a higher percentage because when investors see that the price won't budge at that high, they will flock to buy more bitcoins in the future.

It's pretty simple: It's because there are a crap ton of bitcoin being sold at the $19,000+ range.

Take a look at that gigantic sell wall on Binance:

I am glad that it bitcoin will not somehow replicate the valley from 2017, which means that will prove the point that bitcoin market is unpredictable, if there is a continued support from many companies albeit scary, definitely the price will go up and hopefully you have a silver tongue regarding next year.

Why did you decide that Bitcoin would reach $20K in 2020? Anyway the year isn't over. Maybe we should hope for the Moon.

Though there have been a lot predictions of bitcoin surpassing even $20K, it didn't happen. I think the most probable cause could be that traders forfeited the Hodl strategy.

You do not need to worry if that is not happening now. Bitcoin made a correction a few days ago, and now, we see the price start to rise again.
It breaks $19k again and still going up, but we need to have patience because bitcoin needs more time to break $20k.
Even if that will not happen this year, bitcoin will pass that price the next year, and once the price breaks $20k, it will go up higher and break the next high price.
This price jumps higher than what we saw a few years ago, and this year brings a good opportunity for bitcoin and altcoin to increase, so we need to wait for a while.

You do realize that at this point, there are tons of sellers that want to take some profits and are just tossing around coins to make more for their capital. There are also a lot of buyers willing to go at $19k but do not deem $20k as an 'acceptable' entry point. $20k perhaps has become the psychological barrier that we once had in 2017, no matter how poised bitcoin was to take that price and no matter how huge the potential to conquer that price region is. At this point, buyers are still willing to go for $19k spot price but would not want anything higher thinking that if it is to crash next weeks or so, they will be left with bags that will take a long time to recoup the capital from, hence why we are always given that asymptotic experience to $20k - so close but still always so far.

Trust me, $ 20k is just a value that bitcoin will certainly surpass this year or next.
because of that bitcoin ATH limit, so it looks a bit thicker the barrier wall which, if it can be exceeded to $ 20k later, will make the whole crypto market bullish, and I personally feel we will never see bitcoin values below $ 20k again when that happens.

You should always look at the percentage of the price changes not their amount. $1000 rise at this point is about 5% rise which is the smallest rise that bitcoin usually has. It is equivalent of price going up $50 back in 2016 when price was near $1000.

It is because $20k is the highest record price that bitcoin has reached so far and it was the peak of the bubble by the end of 2017 so today it has turned into an arbitrary but strong resistance. Just like all the previous bubble ATHs that turned into resistances before they were broken.

see that the paypal announcement made the bitcoin price reach $19,500 and together with halving it is causing a great deal of optimism and the fact that the price is above $19,000 for a long time reinforces that people are buying bitcoin every time the price falls and over time the resistance that is in the $19,500 will weaken and the price will break that resistance. it's a matter of time to see  $20,000. Of course, some people or maybe most people would be happy to see the price reach $20,000 this year.


the problem from what I see Is that many people want to see the price reach $20,000 this year, there are many analysts who said that the price would reach $20,000 this year and that they are now waiting for the opportunity to break down $20,000 to reappear

Indeed,we cannot say that we cannot see the bitcoin right away, it doesn't absolutely. We can see that bitcoin always have its dips , price correction yes right more sideways to come before it will reach 20k, it is not easy to go to that price but it will be soon of we can see some large support and resistance that will make bitcoin to that price soon.

Maybe it's because other people are selling their coins so the pumping to 20k dollars we still not see yet , if most of the crypto investors will hold the bitcoin or lessen selling within 1 day we can achieve again the ATH of the bitcoin.

If the bitcoin did not reach the ATH if we have a plenty of time to reach the bitcoin price of that next year. We are the cause also why the value is not already hit this because we are the seller also not only the buyer of the. Maybe they have other reasons too but that is what I only think .

Some investors would be afraid to keep on investing at this time since its already a good time to sell your bitcoin around 15k$ up to 20k$, Any moment we could easily reach the 20k$ mark in bitcoin but because people are afraid just like what happened in 2017 market price could snowball dump when investors dump all of the investment so not selling your bitcoin is a big risk of investment.

But it might not be an issue for some long term investment that is willing to wait for up to 5- 10 years of investment. As we know just like stack market with the supply and demand. The market price could spike down and it might take another 3 years to get back to 20k$.

But for sure reaching 20k$ could easily be achieved at any moment this month or next year.

Why does that matter op? It almost hit 20K when it reached a new ATH of around $19.8K recently which is awesome because this was an organic price increase when compared to the inorganic price increase in 2017.

It will probably breach the $20K mark sometime next year or before the end of this year, but what matters more is the cryptocurrency market is flourishing despite the pandemic causing chaos throughout the year.

The main reason is people sell their cryptos when it reaches to 19k. It dips to 17k and they begin to buy bitcoin and the price increase massively to 18-19k. Traders do not want to risk their fund for the next thousand dollars I guess. It reached 19900 ATH but it is hard to reach 20k.

This scenario is not going to last forever. May be for the next few weeks, the short-traders will be able to perform this cycle. But eventually the long term investors will step in, and remove the additional supply from the market. Once this is done, the supply squeeze will ensure that exchange rates will breach the 20K resistance level. But even if this happen, there is no guarantee that the prices won't fall back to sub-20K levels at some point in the future. Spikes and corrections are a part of Bitcoin, and we need to get adjusted to it.  

I believe that not ^all^ of us want it to go there so they resist that area so badly and even have their bots setup that way so that it crashes every single time it reaches that level. I'm an optimist and I'd love BTC going high, same way there are people who want to buy it back lower which is why they sell their stash to create a picture which looks like a dump where others too sell in the fear of getting it dumped down badly. This is a cycle and BTC has immense possibility of reaching and even breaking $20k eventually with full force.

^ This is a normal thing, considering there are still traders who invest their money into bitcoin and sell it at a profitable position. In my opinion, bitcoin touching $ 19K is already a very good thing, considering that in the previous year bitcoin had never touched this point. But I do believe that the end of the year bitcoin could touch or even cross $ 20K as it is supported by the global economic recovery and mass adoption of cryptocurrency.

We sill have 16 more days to be precise and bitcoin might cross $20k as it will hardly take few hours for things to be turned around so I would request you to have some patience as we should be thankful that Bitcoin has already achieved a figure which sounded impossible one year ago, we might see further pump followed by corrections we should be glad that Bitcoin has nee resistance level and I won't go below $17k atleast as of now.

Now since Bitcoin is receiving investment from institutions we might see further fluctuations, instead of worrying about Bitcoin reaching $20k mark we should be planning our next move incase of further pump or dump.

Be patient friends, the year 2020 is still not over and it looks like bitcoin is trying to go up towards $ 20000, after falling many times at the price of $ 17900 but still able to rise again to the price of $ 19500.  it is the path to the new ATH which is bitcoin towards $ 20000.  and it looks like bitcoin will make new history this time.

I admit that the $ 20,000 resistance price is very difficult to pass, but I agree with the opinion of most of the members on this forum.
That we really have to be patient, because the end of 2020 there are still a few days left.  So there is still a chance that Bitcoin will hit
a price of $ 20,000. Especially if there is good news related to Bitcoin that suddenly appears that can push the price of Bitcoin up,
now we take it easy on the Bitcoin holding that we have.

Just like with most fiat that bitcoin broke it's previous highs wasn't much talk about because it doesn't matter. What's the community is consider about is it breaking its previous all time high in the most dominate fiat currency which is the US dollar. The milestone to cross is $20k and bitcoin hasn't done that yet any other so called all time high are just what we're using to console ourselves that bitcoin is on the right track.

The resistance (selling pressure) at $20k also with in the $19k price range is what's holding bitcoin back. The moment that resistance is broken, I don't think anything will hold it back. We njgywaje ho to bitcoin even through with in the price range of $22k to $25k.

We're just weeks away from ending the year, the hope is bitcoin can increase by $1k plus with in days but we still have weeks therefore there's still hope of the year ending on a good note (that's bitcoin trading over $20k).

Bitcoin is already up over 100% this year. It's going to be a bit of a struggle to cross that psychological barrier of $20k. A lot of people who bought at high price in 2017 are going to want to take profits. It is an interesting number but not really important. It is bound to cross that mark an we will then become fixated on the next big number like $100k.

I think it's more of the fear factor than anything else. It will linger at this level until big monies or institutional players come into the scene to buy huge. The regular conservative traders are watching that level keenly and wouldn't want to outreach themselves by buying in and that has formed resistance there. No one wants to buy at ATH. It's usually a school boy error. However, I am sure that once price crosses the 20k level, there will be a sudden rush to chase price and I see a slight price correction take place once that surge happens. To be honest, it's even a miracle that Bitcoin got to this level in 2020 amidst the pandemic.

It is just trader behavior when they are about to hit a psychological "new" price barrier... because you will find that some traders are setting their "Sell" triggers on their trading bots to sell at a price just below the last All-time-high to protect themselves.

They know the rest of the traders are also anticipating a quick selloff before the All-time-high is reached, so they just make sure they sell before that happens. (This creates a sell wall that are not easy to breach)  :P

We still have 15 days to go, anything can happen anytime, this is the best time to take a bet if Bitcoin will hit another all-time high, there's no indication if the price will go another all-time high it's up to the whales now if they made an action, small traders will follow then will have another all-time high, don't give up yet until we enter the new year.

Yeah, bitcoin always fights when a little more will reach $20K. Bitcoin always returns to the price of $19 xxx, and bitcoin has repeated
it several times in recent weeks. It seems he hasn’t been able to reach that position. Maybe it’s not time yet, but it’s close.
Bitcoin is already stronger and more stable than it was a few years ago, like the bullrun of 2017. Bullrun this time is getting ripe.
Although $20K won’t reach this year, there’s still 2021. It’s going to be awhile.

I think most traders have the same strategy to sell their bitcoin when its price touch $20.000 and after that they will wait some factor which can make its price up again.

And we still in the wait situation, especially we still wait some information which can make its price up. The economic situation in some countries has been recover but they still need some stimulus to push the economic run normally.

If there is an informatiom about stimulus especially from US government we will see bitcoin price will up and passed $20.000 as its strong support. Yeah I believe it, because now there still many people who believe that bitcoin can pass $20.000, we have seen a short position and which can make its price down fastly.

My theory and people may not like this is the price has hidden weakness to it.    Lots of air in a price that rises fast is a natural and normal process that must readjust over time and with volume challenging prices across the range we covered fast.
I dont know how it will come together but 20k itself is a ghost of a resistance level, I dont think its really that hard to overcome by itself.   We are in line with the initial spring rise so at a full price now.

https://talkimg.com/images/2023/06/12/ALne1.png

Give it a week, if that. Still 2020, over $20k.

Please don't be too hasty about bitcoin's price not hitting its $20K price this year 2020 because 2020 isn't yet over, so don't lose hope. But bitcoin has already reached its ATH price in some exchanges like Binance, so I think it is already fair enough for some bitcoin users because they already might recover all of their losses from the year 2018.

I don't think that because they want to make more profit, so they are really waiting for bitcoin to break $20k.
But I guess they can wait for more if the bitcoin price can not break by $20k this year.
We already waiting for a long time, so waiting for a bit will not be a problem.
We don't know they already recover all of their losses or not, but if they already sold their bitcoin from a long time ago, they still lose.

Well, that's because people are preventing it from reaching that figure. It seems that there will be a huge sell volume whenever Btc is roaming around the $19,000 region.
Nevertheless, $20,000 is such a strong resistance that's already been expected. Once Btc breaks through, I suspect Btc will go all the way to $30k.

Do we really need a 20K USD Bitcoin price?Do we really need a price bubble that will pump the price above  20K for a few hours or maybe days and then crash the price below 20K?
I would prefer slow and stable price growth over high volatility and price bubbles.
I think that most of the crypto traders and the crypto whales simply don't care whether or not the Bitcoin price is ever going to get above the 20K USD level.All they care is to buy low and sell high,which means higher price volatility and more profits in their pockets.This is perfectly fine and I don't blame them for that. ;D

Now that this wall has been broken, where do we go from there? Judging by the wall, I'm seeing it's likely to climb above $25K. May be I'm not a good analysts on buy and sell walls  :) You can help me out with a better analysis about the direction of its next move.

Well, it happened already this year and to be honest I didn't expect that the $20,000 will be reached by this year.
Isn't it a coincidence though?? Year 2020 is the year Bitcoin reached the $20,000 price for the first time :D. 2020-20.

Anyway kidding aside, if there will be no selling pressure in the next days after reaching this price there is a chance that it will move sideways at the $20,000 price range but the chances of this to happen is quite low as there are some investors that sees $20,000 as their selling price.

It is becoming very interesting and motivating for me. It has climbed all the way above $21,000 and still pumping. Even though I expect it to still go towards $25,000 a piece, but if it does retrace after this move, I think there would be no cause for alarm knowing that whatever goes up has the tendency to come down. It's one of the best gift to those of us in this industry this year.

just only after about 4 days that you posted this thread and btc has gone up to 20k level. didnt expect this also. but very good news to the crypto community. this time, we have solid reason why btc achieved this level again. how many financial institutions have you heard that they are still buying bitcoin? guess, there are several of them. but be alert also, as we dont know their plans, they may dump it once they see a very good opening to get their huge returns.

Now we are at 22,000$. All those were saying to short bitcoin near 19,800$ as it cannot cross the resistance are now REKT. We are in bull market and price will go much higher than we see them today. But there will be correction in the way up, so be prepare for that as well.