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28 Oct 2020
5 min read

A Bullish Week: What’s Next for Bitcoin?

A Bullish Week: What’s Next for Bitcoin?

*OspreyFX would like to state that traders should research extensively before following any information given hereby. Any assumptions made in this article are provided solely for entertainment purposes and not for traders to guide or alter their positions. Please read our Terms & Conditions for more information.

Key Takeaways:

  • The iconic cryptocurrency moves towards a bullish direction 
  • BTC broke through the $12k resistance level, aiming towards the higher $13k levels 
  • Experts predict a boom as investors move away from traditional assets  

Things are certainly getting interesting in the crypto sphere. Last week proved to be an interesting one to watch. Indeed, all eyes are on bitcoin as the cryptocurrency moves towards a bullish direction and is set to reach new thresholds. Let’s have a look at recent events and what is being predicted for the near future.  

What’s in Store for Bitcoin?  

BTC seems to be moving towards an increasingly consolidated destination. Its price experienced a rise pass $13,000 and testing uncharted resistance levels in only 24 hours. Many will remember the time when the cryptocurrency’s price rose to an all-time high of nearly $20,000. The current analysis predicts that BTC might experience increases that are similar to those experienced in 2017.  

What is the rationale behind this prediction?

A high level of activity across the social, economic, and political landscapes has led many to seek non-traditional investment opportunities that are not tied to decisions made by governments or central monetary authorities. For instance, the upcoming U.S. elections and the relative feeling of uncertainty that surrounds it may have an impact on the dollar. In turn, this may lead investors to seek options that are unlikely to be weakened by key political events. Similarly, policy changes conducted by the U.S. Federal Reserve and the toing and froing that is currently surrounding the fiscal stimulus talks may also lead to more interest in BTC.  

Bullish week for BTC

The Experts Weigh In  

Prominent experts have made their predictions concerning the current Bitcoin scenario. For instance, deVere Group’s CEO Nigel Green is predicting a price boom for the iconic cryptocurrency. The group provides financial consultancy services to over 800,000 clients in over 100 countries and is, therefore, a key industry stakeholder. Mr. Green noted that “There’s been something of an avalanche of interest in Bitcoin in recent weeks from household-name investors. Investor activity is picking up considerably with various on-chain metrics and ongoing – and heightening – global political, economic, and social turbulence suggesting that there will be a price surge before the end of the year. Like gold,

Bitcoin can be expected to retain its value or even grow in value when other assets fall, therefore enabling investors to reduce their exposure to losses. Investors will increase exposure to decentralized, non-sovereign, secure digital currencies, such as Bitcoin, to help shield them from the potential issues in traditional markets”.  

Can BTC reach Higher Heights?

Meanwhile, a former Goldman Sachs Hedge Fund Chief recently stated that Bitcoin’s price could reach a staggering $1 million over the span of only 5 years. After a stellar development in the last few days, with Bitcoin powering through the latest resistance level of $12,000. Could this be a reality? At the time of writing, the digital asset is testing the $13,875 waters. Some specialists point out that, if BTC smashes yet another level, the road is clear for an end of year scenario over $16,000. 

Bitcoin’s trajectory certainly seems to be set towards a very positive destination. It is always interesting to note and identify the patterns that surround the wunderkind of the crypto world as it rises and falls in tandem with world events, changing socio-economic scenarios, and monetary policy changes. Only time will tell what’s in store for bitcoin, but we can’t wait to see what’s next.  

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