Bitcoin, after climbing since early September, has suddenly soared to historical highs of around $20,000 in line with the bitcoin established until the end of 2017.
The value of bitcoin has increased by approximately 10% in the last 3 days, reaching $18,000 even as the recent inventory market pick-up stagnates.
However, some have warned that a correction in the value of bitcoin may be imminent, as a bitcoin research company worth predicting that bitcoin could soon fall back to just $14,000.
“Bitcoin is acting more than expected,” said Ian Balina, managing director of Washington-based Token Metrics, which uses old-value knowledge technical research to forecast the long-term value of bitcoin and other cryptocurrencies.
“While still optimistic in the long run due to macroeconomic points and giant corporations’ access to cryptography, we expect bitcoin to return to around $14,000 during the first week of December. “
Bitcoin, after starting the year at around $7,000, has more than doubled its price so far this year, driven by renewed interest from Wall Street and high-profile investors who see Bitcoin as an emerging hedge opposed to a wave of inflation that could simply be on the horizon.
“The value of bitcoin is driven by the call for an active refuge,” Phillip Gradwell, chainalysis’s leading economist of cryptographic knowledge and bitcoin, said in an email, adding that the idea of a “positive feedback cycle had begun” that will boost the value of bitcoin. Louder.
“This was built from mid-March. Since then, more than a million bitcoins have been purchased through investors, basically Western inventory exchanges. This expansion in demand is a reaction to declining source, as fewer and fewer bitcoin holders are in a position to sell, with the source of liquid bitcoin to buy as low as in mid-2017, before the last bullish race. “
Both advances have driven the already inflated bitcoin and cryptography market, and many bitcoin advocates have suffered greatly in predicting that the newest rally still has much to do.
“There is growing confidence that we can be successful at $ 20,000 until the end of the year,” said Micah Erstling, a GSR trader, a Hong Kong-based crypto and bitcoin market specialist, via email. rally is sustainable. There are many symptoms of that. “
The last time bitcoin reached those peaks in December 2017, the heyday of a one-year rally that collapsed until 2018, this time, without the bitcoin mania that swept away globally in late 2017, investors feel safer.
“Lately we are witnessing an incredibly bullish percentage of bitcoin prices,” said Nicholas Pelecanos, chief trading officer on the NEM blockchain progression platform, by email. his record. “
Beyond 2020, investors in bitcoins and cryptocurrencies are almost universally positive: many expect bitcoin to be much higher than ever.
“Bitcoin can succeed at $45,000 over the next two years,” Balina said, noting that the progression of the central bank’s virtual currencies can simply raise the value of bitcoin in the long run.
“A full-size virtual dollar would be a marketing engine for bitcoins and cryptocurrencies,” Balina said, anything he hopes will happen eventually, but that will still be in a few years. Earlier this year, the creation of a virtual dollar to help deters the country-round stimulus budget introduced through U. S. lawmakers, but was unsuccessful in the final project.
Elsewhere, China has begun the deployment of its virtual yuan and the European Central Bank has announced its goal of starting to operate with a virtual euro.
I am a journalist with significant experience in the fields of technology, finance, economics and business around the world. As founding editor of Verdict. co. uk, I pointed out that