After speculation that Bitcoin’s number will go up higher than ever before, Bitcoin’s price soared past $20,000 today to hit a new all-time high price of $20,836.
What now?
Will Bitcoin still go up? Or will these be the last few days before a crash wipes Bitcoin off the planet?
The CIO of Arcane Assets, Eric Wall, stated that Bitcoin‘s price would go “up like you wouldn’t believe.”
“We just crossed the previous ATH amidst intense institutional accumulation,” he said. “Weak hands had to sell off; now they’re done. Likely, we continue upward from here,” he added.
“But how long for? 30 minutes? Forever? Who knows?” he said. “It’s uncharted territory now.”
An analyst from crypto research firm Quantum Economics said that people would sell lots of bitcoin when it reached $23,000. When he looked at the charts that display the demand for Bitcoin at a particular price, he concluded that Bitcoin’s price would rise until it hits $23,000. After that, people will sell coin until it hits $19,500, he anticipated,
“We expect that the described pattern could take a few days to complete,” he said.
Rob Viglione, the CEO at Horizen labs, is already bored by today’s record highs. “$20k as a psychological anchor for Bitcoin is already old news,” he stated, meaningful for people who were around in the bull run of 2017.
“We’re past that; this is a new market cycle,“ he said. The “real news,” Viglione corrected, “is that many of the people buying today see the current price as an entry and not a mental upper bound.”
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