Many cryptocurrency analysts agree on the imminent rise of the price of Bitcoin. Although the volatile market saw the coin fell as low as $8000 in June, many experts still believe that the cryptocurrency has what it takes to climb as high as $20,000 before the year runs out.
Many are paying attention to these predictions. The reason is the price history of Bitcoin and how it has beat various resistance levels since the beginning of the recent bull market.
Between June 11 and June 26 of this year, the price of Bitcoin rose from $7900 to $12,927. Since then, the foremost cryptocurrency has remained around the $10,000 and $13000 support and resistance levels.
For market analyst like Max Keizer, the price of Bitcoin will definitely continue to break resistance level as it has always done and this time, there is no limit to its rise. In a recent tweet attributed to the self-styled ‘tweet poet’, he wrote:
“$28000 still in play, $100,000 is no sweat”
According to him, bitcoin is out on a mission to dominate Gold.
He is not alone in this record-breaking rally predictions. Another analyst, Thomas Lee, explains why there is more optimism in the rising price than ever before.
Impervious To Politics and Trade Wars
The Fundstrat CEO noted that the price of Bitcoin is not affected by international politics and Diplomatic laws. Lee stated that even in the face of trade wars and falling global markets, Bitcoin had remained solid.
Mark Yusko of Hedge Funds made a shocking prediction stating that BTC price can go as high as $500,000 while BlockOne’s Brenda Blumer was very blunt in stating that Bitcoin,
“will replace gold as the leading commodity to store value in the next 20 years.”
Amidst these predictions, the price of Bitcoin currently sits between $10000 and $13000.