Calm before the storm?
Analyst says $20K Bitcoin possible in 3 months
“The price of Bitcoin (BTC) has been consolidating within a tight range for several months. If the top cryptocurrency successfully breaks out, Bitazu Capital founding partner Mohit Sorout says a record-high would be imminent.” -Coin Telegraph Reports
For almost 4 months BTC has varied between $10,200 and $11,800. According to experts, this stable 15% price range signals a price movement about to occur. If this occurs it is being predicted that Bitcoin will move in a positive direction with a price increase to go as high as $20,000 per BTC.
From May 1 to July 20, Bitcoin ranged between $8,800 to $9,800, stabilizing at around $9,100. After two months of consolidation, it took BTC 12 days to record a 32% rally to $12,123 on Binance, says Coin Telegraph News
Institutions that have been acquiring Bitcoin, like Square and MicroStrategy, said they perceive Bitcoin as a potential treasury asset. If so, that could mean that many institutional investors are accumulating BTC without the intent to sell in the near future.
Many others are predicting a high climb for BTC.
‘Enormous wall of money’ will send Bitcoin to $1M in 2025 — Real Vision founder and CEO Raoul Pal
According to a new report from crypto index fund provider Stack Funds this week, meanwhile, support is in place for BTC/USD to run to $15,000 after November’s U.S. elections.
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