• Bitcoin is currently trying to break past $14,000
  • Analysts said $14,000 is the final resistance before an ascent to $20,000
  • Recent developments like PayPal's decision to support buy and sell of cryptocurrency on its platforms benefited Bitcoin

While Bitcoin continuing its increase to a new 2020-high, one analyst suggests this isn't the peak price yet, as the benchmark cryptocurrency appears poised to reach a new all-time high by 2021.

In a tweet, Raoul Pal, macro trader and CEO of Real Vision, said with Bitcoin's recent ascent, there are now only two resistances left for it to break -- $14,000 and the old all-time high of around $20,000.

The $14,000 level was the weekly resistance Bitcoin tried but failed to break last year. It was also the actual monthly close of Bitcoin in 2017; $20,000 was the level that Bitcoin tried to break in 2017. It peaked at around $19,700 at the time.

The weekly and monthly charts now suggest there is further room for Bitcoin to increase.

The relative strength indicator (RSI) was already at 80 when Bitcoin tried to break $14,000 last year. An RSI of 80 suggests extreme overbought levels. At the time of this writing, Bitcoin is at $13,800 but RSI is at 71, which is already in overbought territory but there is still room for an increase.

In the monthly chart, when Bitcoin closed at $14,000 in 2017, the RSI was at 97, suggesting extreme overbought levels. The RSI is now at 69, suggesting a further chance of an increase.

A new all-time high means Bitcoin needs to be up 50% from the current levels by January next year, Cointelegraph reported.

Bitcoin has recently benefited from a string of good news. Square, a financial company with Bitcoin advocate Jack Dorsey as its CEO, invested $50 million into Bitcoin. PayPal Holdings also recently announced that it will soon allow its 346 million customers to buy and sell cryptocurrency in its PayPal and Venmo platforms. On Tuesday, reports said Singapore-based bank DBS was planning to build a cryptocurrency exchange and custody services for digital assets.

Gold-colored Bitcoin coin on ground
Gold-colored Bitcoin coin on ground André François McKenzie on Unsplash