Cryptocurrency analyst says Bitcoin (BTC) could reach a new all-time high in 2021
A few cryptocurrency experts believe that Bitcoin could soar to $20K once it manages to breach the $14K hurdle.
Wed, 28 Oct 2020, 14:52 pm UTC
Bitcoin (BTC) managed to breach $13,000 lately setting a new all-time high for 2020. But a cryptocurrency market analyst is optimistic that that token still has room to grow and might even reach a new all-time high next year.
However, a few traders and cryptocurrency analysts believe that Bitcoin (BTC) still needs to cross a few hurdles before that can happen. One of these is for the coin’s price to cross the $14 region, according to Bitcoin.com.
While BTC managed to stay above $13,000 since it breached the mark, it is still a few hundred dollars shy of $14K. After reaching more than $13,600 on Tuesday, its price slowly slid downward and is currently hovering above $13,200.
But Global Macro Investor strategist Raoul Pal is still optimistic that it could happen. In fact, he expects the cryptocurrency to even breach $20,000 and establish a new record sometime next year.
“There are literally only two resistances left on the bitcoin chart – $14,000 and then the old all-time high at $20,000,” Pal posted on Twitter on Tuesday. “I fully expect new all-time highs by early next year at the latest.”
Pal isn’t the only crypto expert who believes that Bitcoin’s price could still move upwards. For instance,Etoro senior market analysts Simon Peters said in an investor’s note that “stimulus fears could stoke the fire for bitcoin.”
“We may also see an uptick of inflation, another important aspect of Satoshi Nakamoto’s view of modern economies that drove him/her/them to create Bitcoin,” Peters explained. “It will also be interesting to see how this impacts the correlation between bitcoin and equity markets.”
Just like Pal, Etoro market analyst, David Derhy, also believes $20,000 is the next hurdle once BTC breaches $14K. “The current run could simply push through all the way to $14,000,” Derhy said. “If that is the case, then the next level from a technical and fundamental perspective would be $20,000.”
In fact, the analyst believes that BTC won’t drop below $12K. “With the U.S. election coming up next month, further economic stimulus from the government is going to happen even if the size of that stimulus is still up for discussion,” Derhy added. “I am of the view that we won’t see a drop back down below $12,000 for a while yet.”
In a recent report, JP Morgan believes that Bitcoin will appreciate in the coming years fueled by millennials. “The potential long-term upside for bitcoin is considerable as it competes more intensely with gold as an 'alternative' currency we believe, given that Millenials would become over time a more important component of investors' universe,” the investment back explained in a note on Friday
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