Bitcoin Price Prediction: BTC/USD Breaks Above $24,000 to set New Yearly High

Bitcoin (BTC) Price Prediction – December 19

The Bitcoin price hit a new all-time high of $24,200 today, capping a blockbuster week in the crypto markets.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $26,700, $26,900, $27,100

Support Levels: $20,000, $19,800, $19,600

At the time of writing, BTC/USD is trading up just over 3% at its current price of $23,874 above the 9-day and 21-day moving averages. This marks a notable rise from its recent lows of $22,770 set just a matter of hours ago. The Bitcoin bulls are currently seen in another wave of strong buy-side pressure, which allows the coin to trade above the $24,000 resistance level for the first time today.

What to Expect from Bitcoin (BTC)

Now, it is necessary to bear in mind that BTC/USD is growing bullishly this time and looks very good in the medium to long term. However, traders can only find another bull run if the Bitcoin price manages to break the important resistances. The thing with BTC/USD price is that it was able to break the $23,000 level twice after displaying the bullish momentum.

Therefore, as the technical indicator RSI (14) remains within the overbought region, the Bitcoin price must crack the $25,000 level and need to stay above this level consistently so that it can touch the golden resistance levels at $26,700, $26,900, and $27,100. Nevertheless, any bearish movement below the moving averages may likely bring back the Bitcoin price to the supports at $20,000, 19,800, and $19,600 respectively.

BTC/USD Medium – Term Trend: Bullish (4H Chart)

On the 4-hour chart, a retest of $23,800 gives the impression that the bulls are not yet done. The Bitcoin price rises to fill a significant gap as the bulls remained in control which may take the coin towards $24,300. In a short time, BTC/USD may hit $24,500 if the bullish pressure continues. Otherwise, the price may revisit the supports of $23,000 and below.

On the upside, a bullish move may likely meet resistance at around $25,000 and above. As of now, the 4-hours RSI (14) is moving above 75-level within the overbought conditions, this could mean that BTC/USD trading is looking for another close resistance. Meanwhile, a significant cross below the moving averages may send the market in a bearish scenario.