Bitcoin Price Surpasses $17,400

The price of Bitcoin broke above the $17,400 mark in the past few hours. The price is well above the $17,000 level, which has been set as the upper resistance for the past few weeks. Can the price of Bitcoin explode in the next few days?

How has the price of Bitcoin evolved in recent weeks?

Bitcoin price has seen more stabilization and sideways movement over the past few weeks. Previously, the price broke above the $21,000 mark at the end of October, which also triggered a rally in altcoins. But then the infamous FTX crypto exchange imploded, triggering a stock market crash.

Bitcoin price fell below $16,000 in early November. It was the lowest of the current bear market. Bitcoin has been able to stabilize again in recent weeks. Especially in the past 1-2 weeks, the price of Bitcoin has repeatedly tried to break through the $17,000 mark.

Can the resistance at $17,000 fall now?

Over the past few hours, the price of Bitcoin has risen from $17,000 to over $17,400. This rise could mean that the resistance will soon be broken. This could mean that the price of BTC will rally towards $20,000 in the coming days and weeks. At this mark, Bitcoin could then encounter new resistance again.

Especially at Christmas and at the beginning of the year, interest in cryptocurrencies usually increases. Although December is generally not considered a bullish month, the last 1-2 weeks of the year are considered a more bullish time. We should therefore expect to see the $20,000 for Bitcoin again in 2022.

Can December be the start of a 2023 rally?

For the past few weeks, bitcoin has been at the lower end of bear market prices. A further drop in the price below $15,000 is still possible. But the start of a rally at the turn of the year 2022/2023 seems more likely. Because next year would be the second year of the bear market. This is generally considered to be much more bullish.

We saw a very similar development at the beginning of 2019 during the last Bitcoin cycle. The year 2022 was very similar to the year 2022. If 2023 reflects 2019 again, the price of Bitcoin could rise sharply in the coming months. In 2019, the price of Bitcoin rose from $3,500 at the start of the year to $10,500 in the summer of 2019. At the turn of the year, you could already see the start of this rally.

Is now the perfect time to buy Bitcoin at this price?

Basically, there is never really a “perfect time” to buy Bitcoin. Basically, we recommend regular investment per average cost if you believe in the success of bitcoin. A failure is always possible, but in principle Bitcoin should rather rise in the coming months.

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