Bitcoin December 2020 technical analysis – What is Bitcoin top for 2020?

Bitcoin just broke its all time high and crossed $20,000. Not only that, Bitcoin broke $21,000 barrier followed by $22,000 and $23,000 as well. So, will it keep going up without letting you buy any dips or is this Bitcoin’s top for 2020?

Bitcoin December 2020 technical analysis

I like to keep things simple and by using simple Fibonacci on this daily Bitcoin chart from Bitstamp cryptocurrency exchange, I am very certain that the Bitcoin’s top will be somewhere around $24,000 and there is slim chance that it can close above $25,000 this year.

Bitcoin is currently showing similar pattern that it showed back in December 2017 – parabolic pattern and this is usually followed by a strong altseason as bitcoin dominance cool offs and money start flowing from bitcoin to altcoins, rather than bitcoin to stablecoins or fiat.

Bitcoin whales will be pumping major caps first and this will be followed by mid caps and then small caps. This means, cryptocurrencies that are in top 10 will be pumped first and then, money will flow into mid caps and then in to small caps. Example: Litecoin, XRP -> XLM, BNB, Dash -> Doge, Nano.

Pumps can be short lived so be very careful.