Miraculously, bitcoin -5.71% averted decline @12k & started climbing back up. It appears to have regained the energy it enjoyed in the beginning of December. Everything looks to be quite bullish , while the indicators aren't overbought yet.
It's reasonable to expect 20k in the near future. What happens next will be interesting:
On the one hand, it remains possible for bitcoin -5.71% to post new ATHs.
However, it's also possible that it'll fail the retest & return to the support of the mid-term trend (green line marked "irrational exuberance").
Assuming that media attention & accelerating market penetration since the announcement of futures in Nov justify this mid-term trend -> i.e. it'll develop into a new long-term trend from here on --- there's no fundamental change to justify a further acceleration. This means bitcoin -5.71% is likely to form a small "double-top" at 20k and revisit the 14k -0.56% area thereafter.
This is likely to be a more rational process, which means the support won't be broken. Afterwards, the bounce may also be slower and follow the trend line closely.
Of course, if some news breaks...
source: www.tradigivew.com