{"id":275778,"date":"2020-10-24T12:16:05","date_gmt":"2020-10-24T16:16:05","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=275778"},"modified":"2020-10-24T12:21:51","modified_gmt":"2020-10-24T16:21:51","slug":"bitcoin-btc-price-prediction-october-24-2020","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-btc-price-prediction-october-24-2020","title":{"rendered":"Bitcoin Price Prediction: BTC\/USD Sustains Recent Rallies, Eyes the $14,000 High"},"content":{"rendered":"\r\n

Bitcoin (BTC) Price Prediction \u2013 October 24, 2020<\/strong>
On October 21, Bitcoin price rallied to a $13,200 high. For the past four days, the king coin has been fluctuating between $12,800 and $13,200. The current uptrend will resume, once the resistance at $13,200 is breached.

Resistance Levels<\/strong>: $13,000, $14,000, $15,000
Support Levels<\/strong>: $7,000, $6,000, $5,000<\/p>\r\n

\"\"<\/a>
BTC\/USD – Daily Chart<\/figcaption><\/figure>\r\n

In the previous uptrend, BTC\/USD\u00a0<\/a> price broke the critical resistance levels of $12,000 and $12,460 as Bitcoin resumed an uptrend. In August, BTC failed to break these levels as the coin crashed to the $10,000 psychological support level. After breaking the resistance levels, BTC price rallied to a $13,200 high. For the past four days, the coin has been in a sideways move below the recent high.<\/p>\r\n

In other words, the BTC price is fluctuating between $12,800 and $13,200 in a tight range. If price continues fluctuation in the current price range, BTC will encounter a breakout or breakdown. A breakout above $13,200 will push Bitcoin to $14,000 high. However, a breakdown will plunge BTC to a $12,200 low. The king coin is above 80% range above the daily stochastic. It indicates that the coin is in the overbought region of the market. However, in a trending market, the overbought conditions may not hold.

Microstrategy, CEO, Michael Saylor Intends to Hold Bitcoin for \u2018100 Years\u2019<\/strong>
Michael Saylor, CEO, the Microstrategy has decided to hold his Bitcoin for 100 years. Because of this, on Aug. 11, the firm announced that it has bought 21,454 BTC for $250 million. This investment is now valued at more than $278 million, which represents an increase of 11% in two months. Michael Saylor said he will hold his company\u2019s Bitcoin and has no intention of selling it. He describes it as \u201cthe world\u2019s best collateral.\u201d According to him, the decision to invest $250 million was informed by a discussion between its board of directors and the firm\u2019s investors, auditor, and executives.<\/p>\r\n

He said: \u201cThis is not a speculation, nor a hedge. It is a deliberate corporate strategy to adopt the Bitcoin Standard.\u201d According to reports, the company restructured its treasury in response to recent global economic uncertainty. Mr. Saylor decided to invest in Bitcoin after considering various options. He said: \u201c Tax and fees kill almost all other assets, he concluded, and those that aren\u2019t killed are instead crippled because they are controlled by a CEO, government or country \u201d.<\/p>\r\n

\"\"<\/a>
BTC\/USD – 4 Hour Chart<\/figcaption><\/figure>\r\n

Meanwhile, BTC has resumed an upward move to break the resistance at $13,200. In the same vein, on October 22 uptrend the retraced candle body tested the 88.6% Fibonacci retracement level. This gives the impression that Bitcoin will rise and reach level 1.1129 Fibonacci extension. That is BTC will reach another high of $13,450.60.

<\/p>\r\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) Price Prediction \u2013 October 24, 2020On October 21, Bitcoin price rallied to a $13,200 high. For the past four days, the king coin […]<\/a><\/div>","protected":false},"author":1742,"featured_media":275865,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[734,5319,7812,8009],"class_list":["post-275778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news","tag-bitcoin","tag-btc","tag-btc-usd","tag-price-prediction"],"acf":[],"yoast_head":"\nBitcoin Price Prediction: BTC\/USD Sustains Recent Rallies, Eyes the $14,000 High<\/title>\n<meta name=\"description\" content=\"In the previous uptrend, BTC\/USD\u00a0 price broke the critical resistance levels of $12,000 and $12,460 as Bitcoin resumed an uptrend\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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