Bitcoin (BTC) still has some road ahead of it, before exceeding its historic old ATH at 20,000 USD. This does not prevent long-term analysts, from already seeing it at the level of 50,000 USD in a few months. The dizzying fall on Black Thursday is said to continue to impact the price of BTC.
The analyst Tuur Demeester, from the cabinet Adamant Capital, considers that a Bitcoin at 50,000 USD is not unrealistic.
He is convinced that a strong return to the course of the Bitcoin post-halving, is entirely possible. Demeester is based on a study carried out by his firm in 2019, to justify his forecasts. Currently, Bitcoin is in a phase of “Re-accumulation” similar to that observed in 2019.
The fall of the price to 3,000 dollars during the month of March 2020, would be at the origin of this re-accumulation: if the Whales are able to amass a significant amount of Bitcoins, demand and then price will inevitably increase.
Separate Bitcoin at any cost
According to Demeester, institutional investors will be among the main players behind a bull run, in order to diversify their portfolios and seek assets as little correlated as possible with those of traditional finance.
Many analysts believe that the upward movement observed a few days ago on the market BTC, proves the absence of a positive correlation between Bitcoin and traditional assets: in fact, the price of Bitcoin crossed several resistance thresholds while the financial markets continued to plunge.
Demeester considers that the inflationary measures adopted by the American Federal Reserve ((EDF), could also affect the price of BTC.
Other analysts are more careful in their predictions, like the Bitmex CEO, Arthur Hayes, who admits, however, that the course of Bitcoin may well reach $ 20,000 in the course of 2020.
The Whales are therefore preparing the ground for the bulls, although for the moment, it is really difficult to locate the starting point of the race. Bitcoin consolidated above $ 20,000 by the end of the year would be good enough. Even if we always want more!
From Zoe De la Roche: Source link