"All bets are off" now that Bitcoin has broken $20k, says trader

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"All bets are off" now that Bitcoin has broken $20k, says trader

Bitcoin zipped past $20,000 per coin this morning, pushing the asset into uncharted waters.

After toying with all-time price highs in recent weeks, Bitcoin (BTC) finally crossed $20,000 for the first time on Wednesday. The digital currency hovered around $20,800 at time of publication. Bitcoin has done quite well in 2020, despite the coin's dramatic fall in March when the price sank to $3,600 amid growing COVID-19 fears. From there, however, BTC carved out an uptrend, recovering faster than mainstream markets, taking it all the way to the levels seen today.

“I am over the moon to wake up to Bitcoin breaking $20k!” CryptoWendyO, another crypto trader and analyst on Twitter, told Cointelegraph. “However, I'm traumatized from the prior bear market and still cautious as the atmosphere is extremely euphoric,” she added.

After Bitcoin’s last major bull run, which ended with its 2017 high of $19,892, the asset fell into a multiyear bear market, floundering below $5,000 in late-2018 and early 2019.

Looking to the future, CryptoWendyO sees $22,500 as a logical level from here. “$22,500 is my next target as it’s the middle area between fib 1 to fib 1.272,” she said, referring to Fibonacci price chart levels. “I like to look at things conservatively and expect some action at that area before $25,000.


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