Quick take:
- Bitcoin’s active addresses have hit a 2 year high of 1.19 Million
- This amount of activity on the Bitcoin blockchain was last witnessed in January of 2018
- Bitcoin has also set a 2020 peak value of $18,732 – Binance rate
- High chances are that Bitcoin will retest $20k this year
The number of active Bitcoin (BTC) addresses has hit 1.19 million. This value is a two year high and was last witnessed in January of 2018. This feat was captured by the team at Unfolded and shared via the following tweet. Within the tweet is an accompanying chart that demonstrates Bitcoin’s high network activity.
Bitcoin on-chain activity is closing in on new all-time highs. There were 1.19 million $BTC active addresses, the highest value since Jan 2018.https://t.co/jW6FCZd17C pic.twitter.com/3jGzi3qyVK
— unfolded. (@cryptounfolded) November 20, 2020
Bitcoin Sets a 2020 High of $18,732
In terms of price, The King of Crypto has once again pushed above the previous 2020 peak value of $18,475 set on November 18th. With this last push, Bitcoin has set a new 2020 peak value of $18,732 – Binance rate. However, this value also looks set to be broken as we enter into the weekend.
$20k is Within Bitcoin’s Reach and Before the end of 2020
As has been mentioned several times, the daily Bitcoin chart is clearly in overbought territory and all indicators are pointing towards a correction. However, FOMO (fear of missing out) has already kicked in as illustrated by the Fear and Greed index which is currently at 86. Yesterday, the same index was at 94 which was last witnessed in June 2019 and when Bitcoin peaked out at $14k.
However, with institutional investors behind the current wave of Bitcoin’s bullishness, the chances of a hard correction back to levels below $14k continue to diminish by the day. More Wall Street firms and high net worth individuals are rushing to buy BTC. The continual demand for Bitcoin in such a short time period will continue to push the price of BTC further up.
According to the team at Skew analytics, the chances of Bitcoin hitting its previous all-time high of $20k now stands at 25%. This value is a significant increment from the 7% reported in October and 14% reported earlier this month. The increased probability of Bitcoin testing its previous all-time high can be found in the following tweet by the team at Skew analytics.
Probability of #bitcoin > $20k at year-end = 25% according to the options market pic.twitter.com/PD5JHfSQYX
— skew (@skewdotcom) November 19, 2020
