"Bitcoin can skyrocket over $ 20,000." Experts assessed the outlook for BTC
The Bitcoin rate has increased by 83% since the beginning of 2020, to the current level of $ 13.25 thousand. Over the past month, the cryptocurrency has risen in price by 23%. Its market share reached 62.2%, but in September the figure fell to 56.6%. One of the latest drivers of growth in the price of BTC was the announcement by PayPal that its customers will be able to buy, sell, store and pay for digital assets in 26 million stores.
In the near future, a correction of the growth of the bitcoin price is possible, as traders will make a profit. The head of the analytical department of AMarkets Artem Deev warned about this. Still, he is sure that over a long period of time – from three months or more – the price increase on the cryptocurrency is "quite likely". Several factors support this.
Against this background, bitcoin may well rise to levels above $ 20,000 before spring or summer next year. We can say that cryptocurrency will be an asset that will constantly grow. But short-term corrections are inevitable, says Deev.
The head of the Six Nines data center, Sergei Troshin, is also positive about the outlook for bitcoin. By the end of the year, its interest rate could rise to $ 14,000. In theory, it is possible to reach $ 19,000, but such growth requires positive events in the global economy or the cryptocurrency industry.
Troshin also warned of a possible correction of the bitcoin price in the near future. Now there is a psychological milestone ahead of the $ 14,000 rate. If the coin rises in price to this level, it is very likely that a massive profit-taking will begin. However, it is unlikely that the fall will be deep, a collapse below 10,000 dollars is unlikely, said the expert.
Anton Kravchenko, CEO of Xena Financial Systems, advised short-term investors to refrain from buying bitcoin at the current price. After strong growth in October, a correction is possible, in addition to which the interest rate is well above the support level of $ 8,000, expressed by the mining cost.
In the event of a sharp correction, Kravchenko suggested thinking about buying bitcoin at a price of $ 11,500 – $ 12,000. From his point of view, this could be a good time to invest in BTC for 1-2 years with a target of 17,000 dollar.
On October 26, analysts from the American investment bank JPMorgan warned that it is not the right time to buy bitcoin. The coin is overbought and may soon begin to fall in price, as investors make a profit. In the long run, however, the cryptocurrency may rise in price by 100-200%, experts say.
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