# Bitcoin has run up a ton, but it may have further to go still before a dip

Bitcoin recently blew through $20k and hasn't shown much signs of slowing down yet. It's currently trading over $23k with a high over $24k.

That's about as big of a pullback as we have seen.

So, where do we go from here?

Personally I think we are going to dip at some point, but I don't think it's going to happen yet.

Normally when you break a major resistance level, something like the $20k we just broke, you tend to overshoot it as those using that as a short spot get bulldozed and are forced to cover at higher prices.

You get a couple grand overshoot just like we have already seen.

Now, with prices stalling around $23k-$24k this sounds like a reasonable spot for the price to head back down and test that breakout to see if it was for real.


![image.png](https://images.hive.blog/DQmddaaoRd7KcxCUYKUT3BddhkwZLQsaH4NaKCU1YbhymsS/image.png)

(Source: https://bittrex.com/Market/Index?MarketName=USD-BTC)

That is probably the odds on play to be honest, but there is something else to keep mind...

Bitcoin didn't just rally straight through $20k starting from $10k.

No, it first got near it and then consolidated for a big just below $20k.

This consolidation was buyers chewing through those who were trying to short or from those simply looking to jump off the train.

Once they were consumed, we busted $20k like it was nothing.

Given how closely we consolidated below $20k, a big part of me thinks we may have more room to run still and the pullback may not go all the way back to $20k when it eventually does correct.

$25k is a big round number that many could see as a psychological point to take profits, or perhaps it goes all the way to $30k first.

Once we do pullback I think we will try to drift back down towards that $20k level, but with so many wanting to buy on a dip, we may not get to it.

Especially with stimulus likely coming at some point.

# Fearless  forecast?

We go up a little higher, like to $25k and then we start pulling back. The pullback will try to get back down to $20k but won't make it all the way there with something around $21k being the low for the dip. Once that happens you want to buy as the price is going to rocket from there ultimately hitting $100k in mid to late 2021, possibly a lot higher.

Overall I think the dips will be shallower than they were back in 2017 due to more institutions being involved and not as much retail, at least not yet.

Eventually retail will enter and that is also when altcoins really start to party as well.

My guess is that Q1/Spring is going to be great for altcoins and possibly some consolidation for bitcoin.

Either way, buy the dips because higher prices are on the way!

Stay informed my friends.

-Doc

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