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Bitcoin with impressive performance in 2020
Many experts with continued bullish outlook
Even words of warning
After a rather mixed price trend over the past couple of years, the cryptocurrency Bitcoin 2020 has benefited greatly from the stock market turmoil and the uncertainty of many investors in relation to the crown crisis. At the end of October, the cryptocurrency veteran even hit its all-time high since the beginning of 2018 with a price tag of over US $ 14,000 per token.
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Even as Bitcoin is now trading below the psychologically important price again, many investors are wondering if it’s still worth starting. Many experts are confident.
$ 14,000 as a catalyst
Investor legend Paul Tudor Jones, a billionaire hedge fund manager, has long been a bitcoin advocate. Current market developments confirmed the market expert in his assessment: he told CNBC he would invest in Bitcoin itself, which he specifically said with the Monetary policy established the US Federal Reserve. BTC is the best hedge against inflation and, in his view, even outperforms gold in this function. In his view, Bitcoin has not yet reached its potential and is still in the early stages of its development. According to Tudor, therefore, it is still not too late to start, as it compares the investment opportunities offered by an investment in Bitcoin with those of the giants Google and Apple, which brought rich profits to the first investors.
Tudor Jones is not alone with his positive rating. Bitcoin expert Qiao Wang also sees Bitcoin with price potential. In particular, it is keeping an eye on the $ 14,000 threshold which has now been crossed: as soon as BTC crosses the $ 14,000 mark, it will likely be “in a different regime” in terms of volatility, dynamism, retail participation and others. factors, so the expert on Twitter. At a price of $ 20,000, you will reach a whole new level.
Once BTC breaks out of $ 14k, it is likely to be in a different regime in terms of volatility, momentum, retail participation and so on. Many things that have worked in the past few months may no longer work and vice versa. $ 20k will take this regime to a whole new level. Just a hunch. We’ll see.
-Qiao Wang (@QwQiao) 24 October 2020
Does the price of bitcoin jump forward?
One bank also believes Bitcoin’s rally is just beginning: US financial house JPMorgan sees BTC capable of becoming “digital gold”. This emerges from the research results of the bank’s experts. The main driver of the positive development could be the entry of the payment service provider PayPal into the world of cryptocurrencies. 346 million customers and 26 million merchants are now coming into contact with cryptocurrencies for the first time, which banking experts rate extremely positively, especially when it comes to adapting digital currencies.
Driven by the younger generation of Bitcoin users, Bitcoin’s price could double or triple based on the current price level, according to the bank’s extremely bullish forecast.
Bitcoin bull Max Keizer, who far outstripped JPMorgan’s with his predictions, was once again much more optimistic. In his view, it is institutional investors in particular that are acting as the price driver for Bitcoin. Bitcoin had to overcome the first hurdle at US $ 28,000, but Keizer sees significantly greater potential in the long term: 40 to 80 times the current price of Bitcoin is possible.
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Words of warning too
Meanwhile, Gina Sanchez, founder and CEO of Chantico Global and chief market strategist of Lido Advisors, was broadly positive but still encouraged investors to act with caution. He told CNBC’s Trading Nation, “Bitcoin is traded like a commodity. It’s a supply and demand business.” With this in mind, investors should exercise caution. Those expecting a positive development in demand could also expect a rise in the price of Bitcoin. “The problem with this is that it is [der Bitcoin] it was incredibly volatile and is traded heavily only by dynamics. “Investors should be careful if they want to add Bitcoin to their wallet, continues the expert.
According to her, it is currently not the best time to invest in Bitcoin and more standardization and regulation is needed in terms of trading. “It’s a bit of a wilder west with these momentum swaps that have taken it [den Preis] really drive. An increase in demand announcement really raises the price and then you lose that value within a month. ”
Even though Bitcoin bulls are currently setting ambitious price targets for Bitcoin, investors should still diversify their portfolios to minimize risk. Because there is still no asset class on the market that is as volatile as Bitcoin. If you can’t or don’t want to suppress these long-term price fluctuations, you should consider investing in the cryptocurrency industry.
Editing of Finanzen.net
Image sources: 3Dsculptor / Shutterstock.com, Marko Aliaksandr / Shutterstock.com
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