Bitcoin has just reached a market capitalization of $ 327.3 billion for the first time. The last all-time high was $ 324 billion in December 2017, when Bitcoin was close to $ 20,000. The increase in market capitalization is mainly due to the growth of the circulating supply of Bitcoin.
However, it is important to note that the current circulating supply of 18.5 million BTC is not exactly real. It is estimated that close to 4 million Bitcoin were lost forever and cannot be recovered. This number comes from a large amount of Bitcoin owned by Satoshi Nakamoto and other lost BTC.
Many of the Bitcoins in circulation are owned by exchanges with Coinbase leading the race with around 1 million BTC.
Bitcoin targets $ 20,000 by the end of November
From a technical standpoint, it appears that Bitcoin is unstoppable at the moment and faces very little opposition to the upside. On the 4-hour chart, the bulls created a rising wedge that was broken several hours ago.
Using the height of the pattern as a reference, we can estimate that Bitcoin's next price target will be around $ 18,200 in the near term.
However, as there are no other clear resistance levels on the way towards $ 20,000, it appears that this price point is the next target for bulls who are seeing an increase in trading volume. The latest CME Bitcoin Futures report shows open interest at an all-time high of $ 985 million, approaching $ 1 billion this week.
For example, the 'Money Around Price' entry / exit chart shows virtually no resistance ahead, but a ton of support areas on the way down from $ 16,665. Between $ 16,124 and $ 16,665, about 700,000 addresses bought about 424,000 BTC. Below this area, there is similar support up to $ 15,000.
From $ 17,727 to $ 19,310, only around 30,000 BTC was bought, which pales in comparison to the support shown above. The IOMAP indicates that Bitcoin is free to reach $ 20,000. Do you think Bitcoin bulls have what it takes to propel the digital asset above its all-time high?