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Bitcoin Price Nearing All-time High: Crypto Market Report October 2020

By Interdax | interdax | 20 Nov 2020

In this month’s report, we take a look at bitcoin, where it may go next as well as examine some interesting metrics from the NFT sector.

Bitcoin Nearing ATH: Crypto Market Report October 2020 Bitcoin Round Up

  • Markets seem to significantly favour of a break of bitcoin’s all-time high in the coming months, as key technical barriers have been eliminated in recent weeks. First of all, the bitcoin price has made a strong move above the 2019 high at $13,880, clearing the $14,000 handle and reaching a yearly high just above $18,400 in the past 30 days. Bitcoin is also enjoying its longest streak of week-on-week gains since the post-Black Thursday bounce earlier this year, market capitalisation and realised capitalisation are at their highest-ever levels and BTC-USD is less than 10% away from the all-time high of $19,666.
  • Building on October’s positive momentum, which saw the second highest ever monthly close for BTC-USD, the leading crypto-asset is on course to set a new record for the highest monthly close in November. A closing price above $13,880 on November 30 would be enough for a new record and would likely reinforce optimism amongst bitcoin traders, investors, and users. Greater media attention will also likely follow, setting the stage for a bullish December 2020/Q1 2021.
  • The Bitcoin Dominance Index rose to a 6-month high at 67% in November, increasing from around 57% in September. The market leader has cemented its lead and looks to regain a dominance of 70%. Uncertainty is in the air for other cryptocurrencies, with Ethereum commencing its transition to ETH 2.0 and Bitcoin Cash splitting into two after a hard fork on November 15. The top crypto-assets other than bitcoin are still far away from their all-time highs, ranging between 29% (LINK) and 92% (XRP).
  • Amidst the favourable technical backdrop, fundamentals are also improving. From a protocol perspective, one of the biggest changes yet to Bitcoin is steadily progressing: Taproot. One of the largest mining pools, Poolin, setup a website to allows miners to express their preference on how the upgrade will be activated. The Taproot code will be included in the 0.21.0 Bitcoin Core release (which is due December), but the activation logic which will be added to a later release.
  • The global head of the Citibank’s CitiFXTechnicals market insight product, John Fitzpatrick, released a research note that said bitcoin could reach as high $318,000 by December 2021 based on a channel pattern, stating that the price action shows the potential for a major move higher in the next 12–24 months. Although the price projection may seem lofty, the research note has exposed many of the bank’s institutional clients to the flagship digital asset at a time when more financial institutions are warming to bitcoin, such as JP Morgan’s Global Markets Strategy division, which made similar comments on bitcoin being a challenger to gold.

Read more about bitcoin’s next likely move, assessment of on-chain fundamentals as well as an overview of NFTs in our latest monthly report:

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