Why Bitcoin has not been able to hit $20k price in 2020?

[globalcitizen]

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?

source: dailyfx.com

[pixie85]

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.

[Bitcoin_Arena]

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

What do you think is the reason?

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.

[oktana]

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.

[fiulpro]

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.

[TGD]

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.

[globalcitizen]

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.

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.

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.

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.

It will hit 20,000 and more by the 17th of December 2020, believe me. In fact, I will tell you, it will reach 21,500.

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.

[moderator's note: consecutive posts merged]

[yazher]

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?

source: dailyfx.com

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.

[mk4]

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:

https://www.binance.com/en/trade/BTC_USDT

[Lorence.xD]

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.

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.

[charlesmichel1]

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

[Walterhank]

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.

[traderethereum]

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.

[dothebeats]

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.

[Maxre]

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.

[pooya87]

ability to sometimes gain more than $1k within days.

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 had always retraced anytime it reaches $19K plus.

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.

[Slow death]

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.

Trust me, $ 20k is just a value that bitcoin will certainly surpass this year or next.

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

[MWesterweele]

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

What do you think is the reason?

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.

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.

[Question123]

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 .

[Asuspawer09]

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.