As Bitcoin Again Surpasses $19K, Analysts Eye $20K-Level

Bitcoin is going again, reaching $19,000 for the first time since Dec. 7.

What Happened: Bitcoin has surpassed the $19,000 mark after it went down on Dec. 7 and bottomed at $17,600 on Dec. 11.

It was trading at $19,137.25 as of Sunday morning, Eastern Standard Time, according to data platform CoinMarketCap. That was a gain of 4.17% over the previous 24 hours.

This is leading some followers to claim it has surpassed a key resistance mark and will go upwards from there. 

Why It Matters: Analysts have been weighing in about the bottom and the future of the leading cryptocurrency.

Edward Morra, a technical analyst quoted by leading crypto publication Cointelegraph, believes $17,600 is the bottom, based on heatmaps and the number of orders.

$BTC
Pretty thick wall on Finex tapped. Last time we touched it we bounced good pic.twitter.com/9X7zbiyVpD

— Edward Morra (@edwardmorra_btc) December 11, 2020

As for future prices, crypto enthusiasts have mainly remained optimistic. A widely followed, anonymous crypto follower who goes by the handle Beastlorion thinks a “big pump” is coming.

The price action on $BTC right now is something else. There’s like 0 sell pressure. It feels like the price is getting pulled up at this point instead of pushing up. Just look at those volume bars. Big pump coming IMO pic.twitter.com/qNZJzfLVEc

— Beastlorion (@Beastlyorion) December 13, 2020

A CTO at blockchain market analytics company Glassnode predicts the Bitcoin price might increase 10 times over and reach $240,000.

2/ MVRV Z-Score ($240,000)

Current value: At only 34% of the 2017 top.

Price in 2017 increased +1,150% to ATH.

A +1,150% increase today: $BTC at $240,000

Chart: https://t.co/q2woRsvuJ1#Bitcoin pic.twitter.com/PRQ4gLaEu3

— Rafael Schultze-Kraft (@n3ocortex) December 8, 2020

Overall, the crypto market has been in the green, with leading altcoins Ethereum, XRP and Litecoin also gaining 
4.92%, 3.43%, and 7.02%, respectively, as of Sunday morning.
The current capitalization of the entire crytocurrency market is $561,422,009,094.