Fundamental view:

It’s been a momentous week for Bitcoin. Since the beginning of October, the coin’s value more than doubled; those who were wise enough to buy some BTC in the middle of March got away with 500% returns on their investments. Bitcoin made several approaches to $20,000 and finally smashed it amid substantial market volume. The fundamental reasons for the growth remained the same for a while: inflationary pressure, low-interest environment, growing institutional interest – the catalysts for the breakup. However, a massive flow of evidence that Bitcoin is swiftly turning into a mainstream asset created a new wave of demand and pushed the price above the critical level.

According to Dave Weisberger, the co-founder of and CEO of CoinRoutes, a U.S. cryptocurrency software firm, investors buy Bitcoin in hopes that someday it would be the equivalent of gold. And this is something that may become a self-sustained prophecy.

The major economic events deciding the movement of the pair in the next week are GDP quarterly report, CB Consumer Confidence Index at Dec 22, New Home Sales, EIA Crude Oil Stocks Change at Dec 23, Core Durable Goods Orders monthly report, and Initial Jobless Claims at Dec 24 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 22.22% higher than the previous week. Maintaining high at 23711.3 and low at 18943.1 showed a movement of 4768 pips.

In the upcoming week we expect BTC/USD to show a bullish trend. The Instrument is trading above the 200 Simple Moving Average and the MACD trades to the upside. A solid breakout above 24796.9 may open a clean path towards 26638.2 and may take a way up to 29565.1. Should 20028.6 prove to be unreliable support, the BTCUSD may sink downwards 17101.7 and 15260.4 respectively. In H4 chart pennant pattern breakout favors prospects of a bullish trend. Bullish harami pattern constructs a bullish outlook for the pair in the upcoming week.