It would have been crazy to think that Bitcoin had any chance of hitting $30,000 by the end of 2020 in March. In fact, even in October 2020, it would have been insane to even hint at Bitcoin hitting a new all-time high by the end of the year as Bitcoin price was only around $10,000.
However, now, it seems more possible than not as Bitcoin price just hit a new all-time high at $25,945 on Binance and even $30,000 on some exchanges. The digital asset is unstoppable as there seems to be very little selling pressure despite the new highs.
The Crypto Fear & Greed Index chart continues showing ‘extreme greed’ among investors since November. Usually, when this happens, the market is about to take a dive, however, this time around buying pressure seems to be too strong.
What’s perhaps even more astonishing is that the ‘Social Volume’ of BTC, which basically reflects the number of mentions of the coin on social media, is not that high. At its peak in December 2017, Bitcoin had 21.05k Social Volume. This number is only at 7.21k currently, which indicates that there is no overall FOMO (Fear of Missing Out) just yet.
This would seem to indicate that Bitcoin still has more room to go up and that full FOMO might still be coming, pushing the digital asset further up, potentially to $30,000 by the end of 2020.
Bitcoin Price Dominates The Market
Bitcoin’s dominance over the market is on the verge of hitting 70% for the first time since March 2017. However, it’s important to note that during March 2017, Bitcoin price was only trading at $1,000, which was basically the beginning of the bull rally. What followed was an abrupt fall of its dominance towards 37% in June 2017.
If history repeats itself, this metric would suggest that Bitcoin’s dominance is poised for an abrupt fall, leaving some room for the altcoins. Additionally, it also suggests that this is perhaps only the beginning of the bull rally.
One of the most important support levels on the daily chart is the 12-EMA which is currently located at $23,143. This moving average served as a strong support point for the majority of the bull rally.
The most critical level, however, seems to be the 26-EMA which was defended on several occasions during the rally and served as a perfect ‘dip-buying’ opportunity for investors. This moving average is established at $21,400, which means that Bitcoin price could fall towards it and remain bullish.