Bitcoin seems to be on the right tracks to reach $17,000 in 2020

• Timothy Peterson, one of Cane Island Alternative Advisors is placing the probability of the leading cryptocurrency reaching $17,000 by the end of this year as 30%. 
• This comes after the flagship coin broke the $10,000 key resistance level this week. 

Timothy Peterson, one of Cane Island Alternative Advisors is placing the probability of the leading cryptocurrency reaching $17,000 by the end of this year as 30%. This comes after the flagship coin broke the $10,000 key resistance level this week. 

Around 70% of a rally from the current price of bitcoin could mean that it reaches such a target. Earlier in July, Timothy predicted that bitcoin would stop going below $10,000 ceaselessly and took to Twitter to say that bitcoin is going in the right direction.

#bitcoin #10KCountdown 25 days down. ~25+ days to go. Pretty much on track. Prepare to say goodbye to 4-figure bitcoin prices - forever. pic.twitter.com/Hf1heE37uj

— Timothy Peterson (@nsquaredcrypto) July 25, 2020

The closest that bitcoin has been to this level was in June 2019 last year during the bullish season which brought it up to be around $14,000. Since then, $10,000 has been a level that bitcoin has reached every now and then but it has always found a way back into for figure territory. For a long time now, $9000 has been the resting place for bitcoin and now, things seem to be taking shape.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!