Bitcoin price breaks past $18.8K as bears and bulls map out its path — Mickael Mosse

The bear case for Bitcoin

Despite the technically strong uptrend of BTC, whale data indicates that the selling pressure on Bitcoin could intensify. Cole Garner, an on-chain analyst, cited CryptoQuant’s Bitcoin Exchange Whale Ratio to say: “It’s likely there’s one more blow off leg left in the tank.” The price of Bitcoin saw a blow-off top on Nov. 18 when it abruptly dropped from $18,476 to $17,214 within two hours. Garner emphasized that the Bitcoin Exchange Whale Ratio has a “history of topping here.”

bitcoin on a screen device with trading charts, mickaelmosse.com

The bull case for BTC

Due to the breakout of Bitcoin above $18,500, analysts have said that the market sentiment around Bitcoin is generally optimistic. Speaking to Cointelegraph, Guy Hirsch, managing director of the United States at eToro, said it would be surprising to see Bitcoin not challenge the all-time high soon. There are many positive narratives — such as the support for BTC from PayPal and Cash App, alongside rising institutional adoption — that brighten the outlook for Bitcoin:

The next ceiling for BTC?

Considering various trends Bitcoin has seen in the eight months since the March crash, Hirsch told Cointelegraph that there is a high probability Bitcoin will test $25,000. If Bitcoin breaks past $20,000, it would mean that BTC will look to explore a new ceiling. Hirsch has pinpointed the $25,000–$30,000 range as the potential top for Bitcoin in the near term:

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Mickael Mosse

Mickael Mosse

Blockchain and cryptocurrency Advisor