Bitcoin may be headed to a record high of $21,000 – Rick Ackerman

Bitcoin has printed an upward rally of over 30% by the end of the last week that brought the price back up from around $7,300 to above $10,000. The year-to-date high for Bitcoin was posted back in June when the most popular cryptocurrency was reported to be trading right above $13,500.

While BTC hit $10,400 mark on Saturday, the move was relatively unsustainable with the price slowly falling back to around $9,000. Owing to the high volatility, however, experts and investors alike are keenly watching the charts and awaiting its next move. At the time of writing, Bitcoin is trading at around $9,700 level.

Bitcoin Is Trading Above The 200-Day Moving Average

According to the data extracted from BTC daily chart, it is currently trading above 200-day moving average. The breakout above this moving average has been marked stable by the crypto experts. The analysts have further added that the 200-day moving average is a reliable indicator that hints at the long-term trend in the market. As long as the price is above this moving average, a bullish inclination can be expected while a sustainable break below it can turn the trend red.

It is noteworthy that the recent bull run for Bitcoin and the breakout above the 200-day moving average has also helped fuel the sentiment and overall momentum for the premiere cryptocurrency.

Following the consolidation back to around $9,000 level on Sunday, the SMA100 (simple moving average) had highlighted a relatively strong resistance at $9,650. Having sustainably broken the resistance already early on Monday, the crypto is now headed for $10,000 level that marks a solid psychological resistance, as per the experts.

Relative Strength Index Is Hinting At Upward Inclination

Adding to the likelihood of further upward rallies in Bitcoin is the Relative Strength Index (RSI) that is also hinting at an imminent bullish inclination on all of the intraday timeframes. Breaking above $10,000, BTC is likely to face the next resistance around $10,400 level that marks a monthly high for the world-renowned cryptocurrency.

In an event that Bitcoin manages to break above the monthly high, it will open doors for a sharp rise to the record high of around $21,000 for the largest cryptocurrency by market cap, as per Rick Ackerman (Partner in the trading firm, Blue Fin Financial LLC).

On the downside, the prominent support levels highlighted for Bitcoin are located at $9,000, $8,500, and $8,200. A break below the bottom support is likely to see the price fall steeply to the mid-$6000.