A trader under the crypto-bullet alias allowed the price of the first cryptocurrency to reverse from the $18,600 level.

“Bitcoin is currently in the middle of my support zone, which corresponds to the all-time high of 2017,” the analyst said.

According to his observations, the weekly RSI indicator is at a historic low and market participants’ fear has “reached a new historic high.”

“If it holds $18,600, I expect a return today,” he said.

Otherwise, as suggested by the crypto bullet, the $12,000 level will become relevant.

“But since everyone is hoping for $12,000, we most likely won’t get it. And if everyone thinks Bitcoin won’t bounce over the weekend, it probably will. Bitcoin likes maximum pain scenarios.”

At the time of writing, Bitcoin is trading around $18,860, Ethereum is close to $980 (according to CoinGecko).

Earlier today, for the first time in history, the price of the first cryptocurrency failed at $20,000, the peak of the previous market cycle.

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