Bitcoin hits new 2020 high at $16.7K —Traders expect bigger breakout

Bitcoin hits new 2020 high at $16.7K —Traders expect bigger breakout

The price of Bitcoin (BTC) hit a new yearly high at $16,717 on Binance. Following the breakout, traders expect a larger rally to occur in the near term.

There are several reasons why analysts expect a prolonged uptrend. First, Bitcoin cleanly broke out of $16,000, taking out the $16,473 peak achieved on Nov. 13. Second, there is a “sell-side crisis” brewing as more BTC gets accumulated than mined. Third, BTC rallied despite indicators showing overbought signals.

BTC/USD 1-hour chart. Source: Top analysts were wrong about a Bitcoin correction

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 Earlier today, John Bollinger, a veteran trader, and the creator of the Bollinger Bands indicator, said he was wrong about a Bitcoin correction.

On Nov. 10, Bollinger said Bitcoin is showing a “short-term topping pattern.” At the time Bollinger was unsure whether this would lead to a correction or consolidation but he said he expected the market to cooldown.

A number of analysts expected Bitcoin to slump, especially as it

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