Bitcoin made history once again yesterday, setting a new all-time high (ATH).
Unlike its last ATH back in 2017, Bitcoin carried on going and there’s a huge amount of momentum which is keeping this move going.
The next major resistance level sits at $20,000, and if Bitcoin can make it through, we could see $21,000 on the cards before the end of the week.
Up She Goes
Bitcoin attempted to break the ATH a couple of weeks ago, briefly touching it on a couple of exchanges.
Then, 2 whales sold off more than 20,000 BTC and caused that big dip that we saw, with many thinking that the pump was over.
Once all that negative energy was bought up, Bitcoin got back to work and blasted its way to a new ATH.
This has created a double top pattern that we’ve been seeing along this recent rise, happening 5 times since the middle of October when things really took off.
If this pattern remains true and allows us to continue for an attempt at 6 double tops, we’ll likely see it happen at the top end of $20,000.
To back up this 6th double top theory, the RSI has been creating higher lows every couple of double tops.
It looks like it’s shaping up for another set of higher lows, which adds support to a 6th double top, and potentially a 7th, but it’s still a bit far out to see the 7th coming in.
When Will it all End?
After the last batch of whales sold, more and more people are beginning to wonder when this new ATH will end.
With many people remembering 2017 like it was yesterday, it’s understandable that there’s a lot more caution in the air.
However, if we compare market cycles with 2017, we’re still in the early phase of the move, meaning that we could see Bitcoin carry on climbing even higher.
Unfortunately, as we’ve seen all too often with Bitcoin, a couple of large sells can crash the price very quickly and unpredictably.
If this does happen, it would be wise to double down on your stack of sats and wait for the market to bounce back again – just as we saw last week.
Is My Bitcoin Safe?
If your Bitcoin is sat at a Bitcoin casino, you’ll be enjoying this new ATH pump as your balance will be worth a lot more when it comes to playing.
Of course, it’s worth noting that Bitcoin casinos will be adjusting the limits on their games to make sure their exposure doesn’t go over a certain value.
So, where you perhaps would have seen a max bet of 1BTC before, you may now only be able to place a max bet of 0.5BTC on the same game.
Do pay attention to the betting limits when you’re playing at Bitcoin casinos as the max bet option might not give you the same spins as you’re used to.
Don’t worry though, this is perfectly normal for Bitcoin casinos to do so that they don’t go over their max exposure and can still pay out any winnings should you win big.
Finally, while we do advise that you store Bitcoin on your own wallet instead of on an exchange, regulated Bitcoin casinos are very safe places to store your Bitcoin – so don’t panic.