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Bitcoin Price Prediction: BTC/USD Surges Ahead , Breaches the Price Levels at $12,000 and $12,460

Bitcoin (BTC) Price Prediction – October 22, 2020
BTC/USD price has broken the $12,000 and $12,460 overhead resistances as price reached the $13,000 mark. The $13,000 price level was the first amount to reach in June 2019. This year that level has been surpassed. Possibly, Bitcoin will reach the $14,000 mark if the current momentum is sustained.

Resistance Levels: $12,000, $13,000, $14,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

Yesterday, BTC price rebounded above the $11,900 support to break the $12,000 and $12,460 resistances. Then the price rallied to a $12,900 high. After a minor retracement, the upward move resumed to the high of $13,300. The current uptrend is facing resistance at $13,300. The bulls are finding penetration difficult at the recent high. On the upside, if the bulls break the current resistance, BTC will rally above the $14,000 high. On the other hand, if the buyers fail to break above $13,300 resistance, the coin will resume a sideways move below resistance. The king coin is now trading in the overbought region above the 80% range o the daily stochastic.

10% of Bitcoin‘s Supply Has Remained Intact for Over 10 Years
According to some reports, about 1.8 million Bitcoin has remained unused since 10 years ago. From the cryptocurrency analytics data provider Glassnode, it was indicated that 1.8 million Bitcoin out of the total supply of 18.5 million has been locked in dormant Bitcoin addresses. It was reported that a good number of these coins may belong to Bitcoin’s mysterious creator, Satoshi Nakamoto.

BTC/USD – Daily Chart

Meanwhile, with the breaking of the $12,000 and $12,460 overhead resistances, Bitcoin will have a strong move towards the $14,000 high. On October 12 uptrend, Bitcoin was resisted, the retraced candle body tested the 78.6 % Fibonacci retracement. This indicates that BTC will rise and reach  level 1.272 Fibonacci retracements. On the other words, the king coin will reach the of  high $12,766.80. Presently, the price action has surpassed this level.

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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.