Is Bitcoin is entering bull market?...The expectation for recording USD 20K is increasing
Bitcoin(BTC) rallied last night, trading at the USD 11,300 level in major crypto exchanges, including Binance. And, it is now showing upward movement to break above the USD 11,420 level again. After reaching USD 10K, bitcoin bulls dominated the market, leading investors to be confident in their investment. An argument that BTC would record USD 20K is increasingly gaining ground.
Michael Novogratz, the Chief Executive Officer(CEO) of Galaxy Digital, known as the former hedge fund billionaire-turned crypto investor, anticipated that BTC price would record USD 14K within the next 3 months, and reaching USD 20K by the end of 2020.
"Comparing with gold, Bitcoin has better fundamentals," said Brian Kelly, the CEO of BK Capital Management, the rypto investment fund. "Bitcoin's stock-to-flow ratio is better than gold at this point because we had the halving. And, it would reach USD 20K in 3 to 6 months. Thanks to the rallies, Bitcoin would surge by USD 50K next year," he added.
"I've recommended gold as a way to play the expansion of the Federal Reserve’s balance sheet. Indeed, gold is a high momentum commodity above all others right now. I also recommend investors to stick to invest in gold, as well as continuously investing in Bitcoin, which remains to be underestimated. Currently, Bitcoin recorded low, and trying to recover its price to record the highest level like in 2017, a hopeful trend for Bitcoin hodlers," said Ari Wald, head of technical analysis at Oppenheimer.
"If Bitcoin hit the record this rally, it may reach USD 30K, and later fallen to USD 15K. I don't recommend you to purchase Bitcoin at the peak, unless you are planning to hold the coin for years," tweeted Cobra, the owner of Bitcoin.org. "The second or third wave of Covid-19 would lead Bitcoin price to record less than USD 10K by the end of this year," argued Elvira Sojli, associate professor of finance at University of New South Wales.
Stocks finished higher on Wednesday, after the Federal Reserve left benchmark interest rates unchanged near zero and Fed Chair Powell reiterated his promise to provide support until the threat of the coronavirus to the U.S. economy has passed. Moreover, the economy index recorded the decent level. On 29th(ET), in the New York Stock Exchange(NYSE), Dow Jones Industrial Average 30 Index traded at 26,539.57, advanced 0.61% compared to the previous trading session. S&P 500 Index ended at 3,258.44, rose 1.24%; the Nasdaq Composite Index recorded 10,542.94, increased 1.35%.
Gold price hit the record high once again. In the New York Mercantile Exchange, gold was traded at USD 1,953.40 per ounce, increased 0.5% compared to the previous trading session. Gold hit the record high for the 4 consecutive trading sessions.