Bitcoin went through a massive rally yesterday, November 18, 2020, as the cryptocurrency touched the $18,500 mark. The price of the cryptocurrency did drop down by $1000 within only a span of a minute or two to $17,400. This signifies that Bitcoin did manage to hold key support levels in the drop level, signifying the cryptocurrency is up for a further rally.
Analysts continue to hold on to the narrative that the cryptocurrency will continue being bullish despite the recent plunge.
The crypto coin did face volatility this year owing to the situation of the COVID-19 pandemic and the overall global financial instability.
However, the price of Bitcoin showed a positive performance above the $14,000 price mark during the start of November 2020 followed by a continual rally.
The price of Bitcoin almost quadrupled in value since its yearly lows of March 2020. The cryptocurrency is now trading at its best since January 2018, almost to a three-year-high.
The world’s largest cryptocurrency by market capitalization has shown quite a positive performance this year almost similar to the wild rallies of late 2017 that neared the $20,000 mark.
The recent performance of Bitcoin signifies that the cryptocurrency has broken out of the downtrend that was driving its price for the past two and a half years.
One can only contemplate that the price of Bitcoin has the potential to reach its all-time high of $19,800 from December 2017. A continuous rally above the $16,000 mark signifies that Bitcoin’s price can move even further to $20,000.