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Bitcoin (BTC) has been steadily inching upward after breaching $14,000. The recent price rise has also spawned speculations that the rally might eventually end up with the cryptocurrency setting a new all-time high.
Bitcoin managed to rally past $14,500 and, as of press time, the cryptocurrency managed to hold its momentum hovering about $14,800. With its rising price, the coin posted massive year-to-date gains of more than 100 percent, according to Coindesk. In fact, the crypto has risen more than 38 percent in the last four weeks alone.
Some analysts believe that Bitcoin’s upward momentum is partly fueled by anticipation that the Fed will continue its stimulus program. “We may not know what a post-election [fiscal] stimulus may look like, but investors continue to believe that the Fed will keep printing money at a pace that favors bitcoins finite supply,” said John Kramer, a trader at crypto liquidity provider GSR.
Others believe that a post-election turmoil could result in the dollar’s devaluation which might have prompted investors to switch to cryptocurrency. “If there is social disorder because of a Trump win, the Fed prints,” Token Metrics chief technical analyst Bill Noble said. “If the election result is a blue wave and taxes rise, the dollar falls because the Fed prints more, and more, and more.”
However, there are those who believe that Bitcoin’s recent rally will still continue even after the political uncertainties have been settled. Cointelegraph offers some reasons why it is possible for BTC to rise further and even establish a new all-time high.
One potential reason is that the post-halving cycle is about to take into effect. Halving is an event that happens every four years where the number received from mining is reduced in half.
Each halving in the past has been followed by a massive rise in the cryptocurrency’s price. For example, BTC soared to its all-time high in December 2017 after the halving in 2016. Many believe that the same trend is now happening after the recent halving in May 2020, when mining reward dropped from 12.5 bitcoin to 6.25 BTC.
Bloomberg’s senior commodity strategist Mike McGlone is one of those who believe that this is currently happening. He even believes that BTC’s price could soar to $20K by end of 2020.
“Bitcoin is mirroring the 2016 return to its previous peak,” McGlone said in June. “That was the last time supply was halved, and the third year after a significant peak. After 2014's 60% decline, by the end of 2016, the crypto about matched the 2013 peak. Fast forward four years and the second year after the almost 75% decline in 2018, bitcoin will approach the record high of about $20,000 this year, in our view, if it follows 2016's trend.”
Another reason for BTC’s continued rise, according to Cointelegraph, is that “the relative strength index (RSI) shows room for a bigger rally.” At the moment, the long-term RSI chard of BItcoin indicates that Bitcoin is not yet overbought and is still at a neutral level. This means that there is still room for BTC’s price to move up.
