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Bitcoin Price Prediction: BTC/USD Surge Past the Target Price of $22,540, Eyes the $25,000 High

Bitcoin (BTC) Price Prediction – December 17, 2020
BTC/USD has continued its rally on the second day as Bitcoin reaches its target price. Following the recent breakout, analysts believe that the breakout has a target price of $22,540. Yesterday, the BTC price broke the $21,000 resistance as it continues the rally to $23,326 at the time of writing.

Resistance Levels: $24,000, $25,000, $26,000
Support Levels: $13,000, $12,000, $11,000

BTC/USD – Daily Chart

From the daily chart, Bitcoin has surged past the psychological price level of $20,000. The crypto is above the 80% range of the daily stochastic. It means that the coin is in a strong uptrend and it is in the overbought region of the market. However, in a strong uptrend, the overbought conditions may not hold.

Similarly, Bitcoin is at level 73 of the Relative Strength Index period 14. This means that the RSI has reached the overbought region. It also suggests that the current rally will soon end as Bitcoin will have no room to rally on the upside. Meanwhile, BTC’s current rally will reach a target price of $22, 540. Nonetheless, if the target price is crossed, Bitcoin is likely to resume another rally to $25,000.

Two-Thirds of Estonian Crypto Businesses Lose Their License
Estonia is one of the most crypto-friendly in the European Union. However, the country has withdrawn permits from one thousand crypto companies this year. According to news outlet Postimees, Estonia’s Financial Intelligence Unit has revoked the licenses of roughly 70% of virtual currency companies operating in the country this year.

According to the Deputy Secretary-General of the Government Committee for the Prevention of Money Laundering and Terrorist Financing, said that the remaining crypto companies will also require close monitoring. In his words, Veiko Tali, said: “We need to monitor the development of new technologies and manage the associated money laundering risks.”

BTC/USD – Daily Chart

Nonetheless, from the price action, Bitcoin is close to the $23,000 price level. Meanwhile, the Fibonacci tool has also indicated an upward movement of the coin. On November 24 uptrend; the retraced candle body tested the 61.8% Fibonacci retracement level. This indicates that BTC price will reach the high of level 1.618 Fibonacci extension which is equivalent to $22,540. Nevertheless, the price action has passed this level as it reaches a high of $23,000.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.