Bitcoin Reaches $14k - Market Price Prediction For November 2020.

Bitcoin Reaches $14k - Market Price Prediction For November 2020.

2020-10-31 | Selina Mathew

Bitcoin Reaches $14k - Market Price Prediction For November 2020.

The price of the leading cryptocurrency Bitcoin [BTC] has soared to a 33-month high of over $14k, revealing resilience amid growing instability within the traditional markets.

The top cryptocurrency by market price touched $14,047 USD around 10:05 UTC earlier today on Saturday - the very best level since January 2018, consistent with EtherDesk Bitcoin price analysis.

Earlier in the week, Bitcoin (BTC, +2.69%) narrowly missed breaching the June 2019 high of $13,880 USD and faced selling pressure as global stock markets registered sharp losses as concerns over the resurgent COVID-19 spiked.

However, the downside was restricted to above $13k whilst classic haven assets like gold fell to one-month lows near $1,860 USD amid the dollar strength.

Stocks have just seen both their worst week and month since March. Bitcoin's defense of $13k and a fast rise to 33-month highs is probably not surprising.

Market sentiment has been buoyed by several public firms' recent disclosures of bitcoin treasury investments.

"Bitcoin presently features a very strong underlying bid from institutions," trader and analyst Nick Cote added.

If the cryptocurrency manages to determine an edge above the June 2019 high of $13,880 USD, the main target would shift to the daily chart resistance range at $15,800 USD  to $16,000 USD.

At the reporting time, bitcoin had dropped back to $13,993 USD but still remains up by over 25% for October – the most important monthly rise since April.

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