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Why Bitcoin Price Will Break $20,000 Again/According to CCN, Bitcoin price surged 7.60% last Friday, hitting a new high of $5,796.93 (2019). Compared to the historical low since 2018, Bitcoin's current rise has reached an impressive 54.08%. At the same time, it has brought the recovery rate of total assets in the crypto market to an astonishing 82%, and led the price of cryptocurrencies to a record high.

As early as the end of 2017, Bitcoin hit an all-time high of nearly $20,000 per coin. As of the writing of this article, the price of Bitcoin is $5,804. According to experts, the current price of Bitcoin has bottomed out and is likely to break the all-time high of $20,000 in the future.

Reason 1: Moving Average (MA) is similar to the historical pattern in 2015

Yesterday, Peter Brandt, author of "Futures Sniper: 21 Weeks of Trading Winners", said that the price of Bitcoin may reach $19,800 in the future. It uses the weekly moving average index to support its predictions, noting that Bitcoin is currently trading below the spot price.

The last time Bitcoin saw this kind of movement was in November 2015, and it subsequently surged from $340 in 2015 to $19,800 in 2017.

Robert Sluymer, technical strategist at Wall Street strategy firm Fundstrat, also believes that Bitcoin is hitting a bull run.

The financial expert said that the asset may recently retreat towards its 200-week moving average after its recent push to $6,000.

But after that, it may enter a massive accumulation phase that could push prices towards $20,000, with the support of Fundstrat co-founder Thomas Lee.

The recent rise also took Bitcoin prices above its 50-week moving average, as shown by the blue curve in the above figure.

The 50-WMA has historically shown that whenever price action is above the index, there is a strong bullish bias. In a wild downside move, Bitcoin broke below its 50-WMA in May 2018, after which the price plunged to $3,100.

With Bitcoin now above its 50-week MA, the probability of a bull run is high.

Reason 2: The Relative Strength Index (RSI) is bullish

Recently, Bitcoin’s weekly relative strength index jumped above 53.65, the highest level since October 2015.

As shown by the red horizontal line in the above chart, this level has so far been a standard for measuring bull or bear trends.

When it jumps above 53.65, buying sentiment in the Bitcoin market improves. When the RSI breaks below this level, as it did in January 2018, it triggers selling pressure.

Reason 3: Bitcoin price forms a “golden cross”

A golden cross occurs when an asset’s short-term moving average is above its long-term moving average.

Back in October 2015, Bitcoin was trading near $300 when it saw this state. After that, the asset experienced one of the longest bullish periods, which eventually brought the price close to $20,000.

Now, it has formed a golden cross again, marking a potential long-term upside scenario. All three of the above factors strongly suggest that the price of Bitcoin will break through the $20,000 mark again. And this trend is coming even faster than many bulls expected. Currently, Bitcoin is trading at $5,700.