Will the price of Bitcoin (BTC) see $ 20,000 this week?

The price of Bitcoin moves to $ 20,000.

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Bitcoin (BTC) rose again after falling to $ 16,000, reaching $ 18,600. The rise in the price of Bitcoin was also instrumental in the US dollar falling to its lowest level since 2018. So will Bitcoin see $ 20,000 again during this period or be able to move towards this point?

Bitcoin Price Rebounds

In fact, although the price of Bitcoin went up to $ 19,999, it has never seen more than $ 20,000 in its history. BTC/USD parity, which rose to $ 19,600 in 2017, surpassed this record in Gemini and Coinbase exchanges in 2020. For this reason, the $ 20,000 level is certainly of great importance to both investors and Bitcoin.

Although BTC fell sharply on news of regulation from the US, it began to recover and move towards $ 20,000. There was more than one good news about the Kovid-19 vaccine, and gold prices fell accordingly. Bitcoin, on the other hand, has managed to count on the spot, ignoring the correlation between it and the gold price before, and this certainly surprised analysts.

US Dollar Falls

The US dollar fell to 91.69 against other fiat currencies despite the news of the vaccine. The US dollar index's lowest level since 2018 is certainly pretty positive for Bitcoin bulls. The reason why the US dollar has depreciated so much is known as the announcement of a new stimulus package from the US.

Another factor affecting the price of Bitcoin upwards was the announcement that Guggenheim, one of the world's largest asset management funds, had invested in BTC. In a statement to the SEC, Guggenheim announced that it had officially invested in Bitcoin with 10% of its liquid reserves. The company's net asset is over $ 4.97 billion, and judging by these rates, an investment of about $ 500 million may have been made.

Panicked Sellers Lose Their BTC

Bitcoin is certainly attracting institutional investor interest, and it can't be a coincidence that a giant mutual fund bought BTC as soon as the price fell. Earlier bull periods also saw the price of Bitcoin fall hard, while heavy purchases were made and panicked sellers regretted.

At the moment, BTC is definitely moving towards $ 20,000, and the constant pressure of buying can push the price above this level. At $ 20,000, time will tell, not the charts, what the goal is. Cryptocurrency analyst Josh Rager is confident that $ 20,000 will be seen this week.

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