Bitcoin price breaks above $16,000

Bitcoin’s price rose above $16,000. At that level, Bitcoin hadn’t traded since January 2018.

Update: the price continued to rise toward the $16,200 mark.

Update: Bitcoin failed to hold the reached levels, slipping below $16,000. The decline was accompanied by higher trading volume.

Update: at one point the price dipped below $15,500, but then recovered, this time surpassing $16,200.

Source: TradingView.

On November 6, Bitcoin for the first time since 2018 neared the $16,000 level.

“We did it,” said Matthew Graham, CEO of Sino Global Capital, commenting on crossing the psychological threshold.

we did it pic.twitter.com/omPvGTtlns

— Matthew Graham (@mattysino) November 12, 2020

Earlier, Bloomberg Intelligence senior commodity strategist Mike McGlone noted that Bitcoin could endure a ‘parabolic’ rally in 2021, in a manner similar to 2013 and 2017.

On the eve, the well-known crypto blogger PlanB confirmed his confidence in the Stock-to-Flow (S2F) model he developed. Based on it, he forecasts Bitcoin reaching $100,000–$288,000 by December 2021.

In response, Arcane Assets’ IT director Eric Wall proposed a $1 million bet with him. He is convinced that the S2F will ‘break’ by 2025. The challenge is open to any backer of the model, Wall noted.

Popular analyst Willy Woo argues that Bitcoin is at the very start of a new bull rally. He arrived at this conclusion based on the Bitcoin RSI (relative strength index) chart, which, in his view, is just gathering momentum.

Green circle denotes where we are in this macro cycle. Start of the main bull run (in case it isn’t already obvious).

BTC’s on-chain Relative Strength Index is just warming up.

Red verticals are the halvenings, providing the bullish supply shock impulse. pic.twitter.com/HudOgAAezv

— Willy Woo (@woonomic) November 11, 2020

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