Bitcoin is trading for around $17,800 at the time of writing, though the world’s number one cryptocurrency by market cap had initially spent the early parts of this morning trading above the $18,000 mark, thus suggesting that the currency has the power to rise further.
Could Bitcoin Beat Its Old Record?
The asset is presently undergoing a slight correction, having lost a few hundred dollars and settling at a lower price, though to be fair, this has happened a few times with the currency. Recently, despite pushing beyond the $16,000 line, the price of bitcoin fell briefly back into the $15,000 range for about a day or two. From there, it rose back above $16K and has continued its bull run from there.
The price of bitcoin has become such an intriguing matter that figures such as Maisie Williams from “Game of Thrones” even took a poll on Twitter regarding whether she should invest in the digital asset or not.
Figures like Mike Novogratz – a former hedge fund manager and billionaire investor – are telling everyone they can that bitcoin is an asset worth investing in. This is the time to buy he says, as he’s certain the currency will once again reach its all-time high of roughly $20,000 prior to the end of the year. He’s then sure that the currency will eventually make its way up to $65,000 during 2021.
However, there are others that aren’t so sure about where the asset will go and appear quite convinced that this is part of further bubble behavior. Craig Erlam – senior market analyst at OANDA Europe – has commented that bitcoin has exhibited behavior like this in the past, only to see its price deflate when it was least expected. He comments in a recent interview:
It’s surely only a matter of time until a new high is achieved, although there’s something about the immense gains of the last month that makes me a little nervous, given past experience.
Bitcoin has gained more than 70 percent in value since the beginning of October. From just one month to the next, the asset has nearly doubled its price from $10,000 to well above $17,000. Because of this, many analysts bear sentiment similar with Novogratz’s, and feel that $20K is right around the corner.
A Powerful New Surge
One such figure is Ian Balina, the CEO of the artificial intelligence (AI) and crypto firm Token Metrics. Discussing bitcoin’s prospects for $20,000, he mentions:
That is well within means for BTC as the global economic climate is perfect for bitcoin to launch to new heights.
Some analysts go so far as to say bitcoin will overpower its all-time high at the end of the year and move as high as $22,000 given the amount of hodling that’s occurring and how much BTC has been moved out of exchanges in the past month.