Bitcoin Price Prediction: Will BTC be able to recover $20,000 by the end of December?

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BTC formed a bearish hammerhead candle rejecting the $18,000 mark Formation of higher candlesticks on a weekly basis Supertrend generated a buy signal within 4 hours.

Bitcoin had been dominated by bears in previous months, but in the current month, BTC gained buyer confidence and was able to trade above $17,500, which is either a dead bounce or a short-term trend reversal. Going forward, the biggest hurdle for the bulls will be the $18,000 mark. Over the past 24 hours, BTC was slightly negative by 0.62% and the 24-hour volume to market cap ratio stood at 0.0759.

Will the bulls cross the $18,000 mark? Source: BTC/USD daily chart by Tradingview

On a weekly timeframe, BTC had consolidated over the past 6 months in the range of $18,000 to $25,167. Recently, due to the collapse of FTX, BTC broke its lower range with a large bearish candle and slipped below a key support price level of $18,000 and hit a 2-year low at 15 $460. Over the past few weeks, the bulls have formed relatively small bullish candles and recovered almost 13% from recent lows.

Daily Period Narrative Source: BTC/USD Daily Chart by Tradingview

On a daily basis, BTC had been slowly and steadily rising, approaching $18,000. In the previous session, the bulls attempted to trade above $18,000 but were rejected from the higher levels by forming a bearish hammerhead candle indicating that the bears are active at higher levels. As of now, BTC is expected to trade between $17,000 and $18,000 for the next few sessions. If the bulls are successful in trading above $18,000, we could see a massive upside move towards $20,000 in a very short time.

4 hour timeframe Source: BTC/USD daily chart by Tradingview

Within a 4 hour time frame, BTC has been in a tight consolidation range, but in the previous session it tried to hold above $18,000, but unfortunately the Fed rate hike may have had a negative impact on the BTC/USD price. The super trend indicator had generated a bullish signal over the past few hours and prices are still trading above the green line, indicating that prices may remain bullish in the near term.

Summary

After analyzing BTC over several timeframes, prices look slightly bullish, but the overall position trend is still bearish, so aggressive traders can take risks and look for buying opportunities only above $18,000 for the $20,000 goal. Until the price level remains below $18,000, it should trade between $16,500 and $18,000.

If prices slide below $16,000, we could see a further decline towards $14,000 and below in a short time.

Technical levels

Resistance levels: $18,500 and $20,000

Support levels: $17,000 and $16,500

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies during his post-grad studies. He is a fine observer of details and shares his passion for writing while being a developer. His backend blockchain knowledge helps him bring a unique perspective to his writing

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