Path to $20K Bitcoin price now wide open after previous resistance breaks

Bitcoin (BTC) hit new highs in excess of $18,750 on Nov. 20 as its latest extended bull run continued to delight investors.

BTC price inches closer to all-time highs

Data from Cointelegraph Markets, Coin360 and TradingView showed BTC/USD climb swiftly after reclaiming $18,000, taking out its previous high of $18,420 to continue rising.

At press time, local highs of $18,817 took Bitcoin to within $1,250 of its all-time highs from December 2017.

BTC/USD 1-hour chart. Source: Tradingview

The latest gains come as altcoins also begin to hit historical levels, which have remained untested for several years.

Speaking about the market’s current strength and future prospects, Tom Lee, co-founder of Fundstrat Global Advisors, was more bullish than ever.

“The halvening happened this year, which of course historically is good for price, bit history also says that the year following the halvenings is much more important,” he told Yahoo! Finance.

“Bitcoin was the best performing asset last year, 2019. It’s killing it this year; it’s just crushing all other hedges and asset classes this year, 2020. But in 2021 I think Bitcoin could be the year of the fireworks, so if people are interested, they really should realize that the best is probably yet to come.”

Bitcoin vs. gold 3-month chart. Source: Skew

Data from monitoring resource Skew underscores just how much Bitcoin has outperformed macro alternatives. Bitcoin’s year-to-date returns total 160%, while gold has managed just 22% and the S&P 500 an even less appealing 10.9%. 

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