BTC has surpassed $20K. What to expect next?
BTC has grown by over 300% since the beginning of the year. And although the coin’s price has been constantly testing $19 500 this month, the flagship crypto has finally broken the long awaited $20K
When to expect the BTC Moon Shot?
While the cryptocurrency market is growing thanks to the growing institutional acceptance of bitcoin, the strong correlation with the bullish stock market and the government money printing caused by covid, recent analysis and survey results suggest that we may be in for a long period of stagnation before the price of btc reaches its peak.
Institutional and retail investors’ faith in Bitcoin has strengthened this year and, as a result, pushed prices to record highs. More impressive is that less than a year ago, BTC was only worth $ 4,000 per coin after the crypto market crashed in march, along with the rest of the traditional markets.
Paolo Ardoino, the CTO of Bitfinex, commented on the growing institutional trust. He said to the Blockchain.News:
“Bitcoin has strengthened its place in investment portfolios as an asset to be held as a hedge against inflation and currency devaluation. As Bitcoin continues its path to recognition as an established asset class, the interest of institutional investors will grow, while traditional financial institutions will develop even more cryptocurrency-related products to meet the growing interest and appetite for Bitcoin”.
After a breathtaking rally, the market seemed fully confident that once Bitcoin reached this price level, nothing would stop the crypto from launching into entirely new price-setting areas, but instead the market has been moving sideways and consolidating over the past month.
Lark Davis, a popular YouTube crypto analyst known as cryptolark, tweeted today a similar comparison of the BTC at 10K, and today’s levels above 19K, indicating that crypto investors may be in a sideways movement of the price of BTC for several weeks.
Cryptolark shared the above analysis and wrote:
“An awfully similar graphical pattern is playing out now compared to the 10k range for Bitcoin. What if we don’t make a crazy breakout to 20,000 at any second but move sideways instead for a few weeks?»
While price consolidation is often a bullish sign that an upward move will follow, another immortaltechnique technical analyst says a breakout won’t happen until a series of shakes, traps in either direction, and extreme deviations.
What do investors think
As Bitcoin surged towards the end of 2020 and recorded growth of more than 160% over the year, news sites and Twitter feeds reported overwhelming optimism for the flagship cryptocurrency with forecasts ranging from $ 50,000 to $ 500,000 per BTC in the next few years. But the Genesis Mining survey shows that not everyone is sure.
Institutional mining platform genesis mining conducted a survey to quantify the current investment sentiment towards the BTC. A survey of 1,000 American investors found that while most of them were confident that the price of BTC would continue to rise, only 17% are betting on a price of $ 50,000, and only about 3.5% of respondents believe that the BTC could reach $ 500,000 by 2030.