{"id":564867,"date":"2020-12-04T19:13:38","date_gmt":"2020-12-04T16:13:38","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=564867"},"modified":"2020-12-04T19:22:45","modified_gmt":"2020-12-04T16:22:45","slug":"50k-is-bitcoins-resistance-in-2021-10k-is-btcs-support-report","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/50k-is-bitcoins-resistance-in-2021-10k-is-btcs-support-report\/","title":{"rendered":"$50k is Bitcoin&#8217;s Resistance in 2021, $10k is BTC&#8217;s Support &#8211; Report"},"content":{"rendered":"<p><strong>Quick take:<\/strong><\/p>\n<ul>\n<li><strong>Bloomberg&#8217;s Crypto Outlook report for December forecasts a $50k resistance level for Bitcoin in 2021<\/strong><\/li>\n<li><strong>This will bring its market cap to $1 Trillion<\/strong><\/li>\n<li><strong>$10k will be Bitcoin&#8217;s support next year after serving as a resistance in 2017<\/strong><\/li>\n<li><strong>Bitcoin&#8217;s adoption is increasing and thus providing a firmer foundation for BTC<\/strong><\/li>\n<li><strong>Bitcoin might stall between $19k and 20k in the short term<\/strong><\/li>\n<\/ul>\n<p>The team at Bloomberg has released their Crypto Outlook report <a href=\"https:\/\/assets.bbhub.io\/promo\/sites\/12\/961159_Crypto-December2020Outlook.pdf?link=button-header\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">for the month of December<\/a>. According to the report, the $50,000 price zone will most likely be <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoins-attempt-at-20k-is-a-classic-top-setup-bollinger\/\" target=\"_blank\" rel=\"noopener noreferrer\">Bitcoin&#8217;s major resistance<\/a> area next year, 2021. Additionally, <a href=\"https:\/\/en.ethereumworldnews.com\/10k-is-bitcoins-btc-new-baseline-tyler-winklevoss\/\" target=\"_blank\" rel=\"noopener noreferrer\">$10k<\/a> will be Bitcoin&#8217;s support after this level served as resistance in 2017.<\/p>\n<blockquote><p>$50,000 is Potential 2021 Bitcoin Resistance; Support Is $10,000. Bitcoin will maintain its propensity to advance in price into 2021, in our view, with macroeconomic, technical and demand vs. supply indicators supportive of $50,000 target resistance, implying about a $1 trillion market cap. The $10,000 mark has shifted to a critical support level after serving as the crypto&#8217;s resistance mark since 2017.<\/p><\/blockquote>\n<h2>2020 has Jumpstarted Bitcoin&#8217;s Adoption<\/h2>\n<p>The report went on to point out that 2020 will most likely go down in history as the year <a href=\"https:\/\/en.ethereumworldnews.com\/btc-analyst-square-microstrategy-buying-btc-is-a-tip-of-the-iceberg\/\" target=\"_blank\" rel=\"noopener noreferrer\">Bitcoin adoption<\/a> took center stage.<\/p>\n<blockquote><p>The year 2020 will likely be looked back upon as key to Bitcoin&#8217;s mainstream evolution, in our view. Strong inflows in regulated exchange-traded products, futures open interest, addresses used and allocations from corporate treasuries, and some billionaires, solidify the 2020 annual price of about $10,000 as foundation support.<\/p><\/blockquote>\n<h2>Bitcoin Might Stall Around $19k &#8211; $20k in the Short Term<\/h2>\n<p>In terms of short-term price action, the report by Bloomberg explained that Bitcoin could stall around <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoins-chances-of-hitting-20k-by-end-of-2020-doubles-to-14\/\" target=\"_blank\" rel=\"noopener noreferrer\">$19,000 to $20,000<\/a> for a few months.\u00a0At the time of writing, Bitcoin is trading at $18,900 after getting rejected at the $19,600 price level earlier today.<\/p>\n<p>The weekend is once again on the horizon and so is Bitcoin&#8217;s weekly close on Sunday. The last weekly close was a strong one at around $18,100 and Bitcoin repeating a similar feat this week, will still be bullish for the King of Crypto.<\/p>\n<p>However, if the bearish environment persists, <a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/latest-bitcoin-btc-news\/\" target=\"_blank\" rel=\"noopener noreferrer\">Bitcoin<\/a> could find some short term support at the 50-day moving average at around the $16k price area.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Quick take: Bloomberg&#8217;s Crypto Outlook report for December forecasts a $50k resistance level for Bitcoin in 2021 This will bring its market cap to $1 Trillion $10k will be Bitcoin&#8217;s support next year after serving as a resistance in 2017 Bitcoin&#8217;s adoption is increasing and thus providing a firmer foundation for BTC Bitcoin might stall between $19k and 20k in the short term The team at Bloomberg has released their Crypto Outlook report for the month of December. According to [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":561414,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800],"tags":[6962,1233,6961],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/564867"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=564867"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/564867\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/561414"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=564867"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=564867"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=564867"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}