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

[Haunebu]

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.

[Coinsfera]

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?

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.

[bryant.coleman]

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.  

[Stedsm]

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.

[Sirait]

^ 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.

[Wysi]

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.

[Zalfa_mui]

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.

[MCobian]

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.

[CryptopreneurBrainboss]

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.

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).

[FinneysTrueVision]

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.

[Mpamaegbu]

Fear always start when history seems repeating itself.

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.

[Kakmakr]

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) 

[fortunecrypto]

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?

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.

[Wulan_maniez]

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.

[Ridwan Fauzi]

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.

[STT]

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.

[samson]

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

[Kong Hey Pakboy]

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.

[traderethereum]

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.

[Oasisman]

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?

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.