Bitcoin price hits a yearly high above $14,000

On Saturday, October 31, bitcoin prices at one point rose to around $14,100 (Bitstamp), setting a new 2020 high.

Source: TradingView.

Bitcoin price last traded above this level almost three years ago in January 2018.

Source: CoinGecko.

Popular analyst PlanB called the breakout of $14,000 the best gift for the 12-year anniversary of the bitcoin white papper.

Best present on #Bitcoin whitepaper day! pic.twitter.com/zYZ0nrN3qE

— PlanB (@100trillionUSD) October 31, 2020

As of writing, the price had retraced to about $13,700. The move was accompanied by rising trading volumes.

The $13,000 psychological level was breached on October 21.

As Bloomberg Intelligence’s senior commodity strategist Mike McGlone suggests, the fair price of the first cryptocurrency sits at $15,000.

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