Here’s How Bitcoin Price Could Hit $20,000 By as Early as March: Analyst
Story by: Nick Chong
Bitcoin saw quite the bout of volatility on Wednesday. Early in the morning, the cryptocurrency tanked, falling as low as $6,450 in a strong move lower, before rebounding to the upside.
By the end of the day on Wednesday, the price of BTC had rallied as high as $7,300, surging by over 10% from its local bottom in the $6,400s on the back of seeming short covers and long-term investors buying the crypto dip.
Related Reading: Bitcoin Jumps 10%, PlusToken Moves $100m of Ethereum; Can it End the Rally?
Although it may be too early to tell whether or not this is a fully-fledged macro reversal, one prominent trader, who called the drop in November to the $6,000s, suggests that Bitcoin has a good likelihood of reaching $20,000.
Here’s more on that.
Could Bitcoin Top $20,000 By March?
Bitcoin’s latest bounce higher has infused bulls with a fresh dose of hope, culminating in positive analyses that imply BTC’s reversal rally is just starting.
Related Reading: Ethereum Is Now Officially Net Negative in 2019, Down 91% From ATH
For reference, the trend line in question, which always ended up in bear markets when BTC crossed below it, currently sits in the high-$6,000s, which BTC is currently above.
If Bitcoin rides that level, Velvet remarked that Bitcoin “could see $20,000 by March,” referencing the fact that prior to previous halvings, BTC always surged, rallying higher on the expectation that a negative supply shock would hit the market.
- Bitcoin Recovers After Falling To Lowest Since May
- Bitcoin Peaked 2 Years Ago. New Competition Is on the Way.