Bitcoin Running Wild Towards $20,000
Bitcoin analysts have been observing the current trend closely, predicting that it will go all the way to $20,000 once it breaks past the $14,000 barrier. According to Forbes, they are positive with how Bitcoin has been repriced-as predicted-and going forward from $11,000 to $12,000. Depending on how the equilibrium is placed. It seems that bitcoin is well on its way to that run, according to reports.
Technical charts tracing the climb of bitcoin had been shown trending upwards, showing just how volatile it is-and how it has been rising steadily as of late. A breakout, according to the analysis of these charts, is at a 20% chance and the trend shows this might be the best so far. But breaking above $14,000 would give bitcoin a spectacular spot at breaking through the $20,000 barrier.
Volatility is bad, and it's what has been holding the rise of bitcoin back, analysts suggest. But it's also been the biggest thing for their rise as well; the riskier the volatility, the higher the upside if bitcoin manages to take a huge upswing. However, with the way investments work, people will be selling investments once things appear to be going south, according to analyst reports.
Other analysts are positive about how bitcoin's prices have been picking up. Yahoo! Finance reported that, so far, bitcoin prices have been making a 220% rise this year, and the gains don't look like they'll be over any time soon. Anthony Pompliano, Morgan Creek Digital Assets Partner, basically think the same thing as well.
According to Pompliano, bitcoin has quite a bit of room to "run wild" over the next two years. Supply, institutional interest, and global instability will also play its respective parts. He further said that by 2021's end, it could possibly eclipse $100,000, provided the law of supply and demand applies to it. With the increase in demand, the price of bitcoin will also go up.
Bitcoin has made quite the comeback this year. Investors and analysts have been skeptical about its recent run, given that it was just a bit shy below 70% of its high in 2018 at one time, a record worst. Much of the enthusiasm has been connected to Facebook's own crypto coin, Libra.
There is a lot of movement going on in the bitcoin world. Curiously, Libra hasn't shown any signs of being affected by recent trends going on in the world. Perhaps there will come a time when it will show whether it, like bitcoin, will suffer from real-world issues, or it will also serve as a viable counter-asset.