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Bitcoin’s price has gone parabolic to hit $ 19,000 and looks on track to break the previous record of $ 20,000. In November alone, according to Reuters, bitcon added more than a third of its value.
Analysts say bitcoin’s bull run is still ongoing despite signs of volatility that make it doubtful that it has hit a peak.
So what are traders, investors and analysts saying about bitcoin’s extraordinary price rally?
1. “$ 20,000 is on hand in 2020‘
“(I am) 90% confident that we will see $ 20k by the end of the year, (given that it is) blown away by a number of key resistance levels,” said Ryan Selkis, founder of crypto research firm Messari, in an interview with Fortune.com.
Selkis cited the recent embrace of bitcoin by PayPal and institutional investors.
The price could rise even more in January if more fund managers, many of whom are securely locking their year-end performance fees, decide to dive into crypto in 2021, Selkis added.
2.The rich are investing in it
New data suggests that more people with net worth are getting hooked on cryptocurrencies. Bitcoin, being the largest digital currency by market value, is expected to benefit from the enthusiasm of the uninitiated.
“Nearly three-quarters of high net worth individuals will be invested in cryptocurrencies by the end of 2022,” said respondents in a global survey by deVere Group, one of the largest independent financial advisory organizations in the world.
3.A fix is imminent, but not a deep cut
Investor Mike Novogratz told CNBC that Bitcoin’s 148% rise this year is different from the retail-led “speculative frenzy” of 2017, when the cryptocurrency hit $ 20,000, then fell 78% a year. after.
“It’s not possible to buy bitcoin from Citibank or Bank of America, but their strategists are talking about it,” Novogratz said. “People are going to bitcoin because there are 20 million bitcoins that will ever be mined. There is complete scarcity in it. People believe it is a store of value. It is a social construct and you cannot change it.”
4. A “top blow-off” is likely to exceed $ 18,000
Traders expect the bitcoin price to run out of momentum soon as it has risen without any significant consolidation since late October. The price of BTC has risen sixfold since the March crash.
“The consolidations are getting shorter without too many retracements. The top blow-off will come soon, “wrote a pseudonymous trader known as” Squeeze “.
A top blow-off is a chart pattern that shows a rapid and rapid rise in price and trading volume followed by a rapid and rapid fall in price, usually even on high or significant volumes.
5. $ 100,000 in 2021
Some hedge fund managers have suggested that bitcoin could hit $ 100,000 in 2021.
“I’ve seen bitcoin rise 10x, 20x, 30x in a year. So go up 5x is not a big deal,” said Brian Estes, chief investment manager of Off the Chain Capital.
6. “You can’t model a mania”
Some analysts are skeptical of bitcoin’s price rally, saying the forecast that it will continue to rise is a symptom of mania.
“Any bitcoin hedge fund model is junk. You can’t model a mania. Is it plausible? For sure. It is a mania. But does anyone really have a clue? It’s not a possibility, ”said Kevin Muir, a Canadian-based trader.
7. Bitcoin here to stay
Cryptocurrencies, including bitcoin, are “here to stay” and millennials are happily embracing new technologies, said Rick Rieder, chief investment officer at Blackrock, the world’s largest asset manager.
“But do I think it is a durable mechanism that could replace gold to a large extent? Yes, because it’s a lot more functional than passing a gold bar around, “Rieder told CNBC’s Squawk Box.
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8. Is $ 20,000 Really the Highest Bitcoin of All Time?
The all-time highest price for bitcoin is largely pegged at $ 20,093, reached on December 17, 2017, according to CoinMarketCap. But since the price is only a weighted average, some analysts think it is not.
Messari researcher Ryan Watkins told Decrypt that “it all depends on the exchanges they are using and how each supplier calculates prices.”
Neeraj Agrawal, communications director for Coin Center, a cryptocurrency advocate, told Decrypt: “I really imagine 20k is the main attention line (which is why I care).”
9. Are we missing something on bitcoin?
Billionaire investor Ray Dalio, a longtime bitcoin bear, admitted in a series of recent tweets that “something may be missing on bitcoin.” However, it insists that its volatility diminishes its use as a store of wealth and a medium of exchange.
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