Rebounding: The Road Back to $60,000bitcoin depot
Bitcoin has had a volatile journey in the past few months. The cryptocurrency spiked to an all-time high price of $64,846 on April 14th, and by July, collapsed back down to just over half that value at $29.6K after three months of volatility. The question on everyone’s mind now is "When will we revisit those highs and when do you think we will see Bitcoin prices over $100,000?"
What Comes First: $20K or $60K?
It's been a turbulent year for Bitcoin, but the recent rebound has many crypto enthusiasts hopeful. Bloomberg Senior Strategist Mike McGlone predicts that, at this point, $60K is more likely than $20K as he suggests that investors don't want to be left behind on what could turn out to be one of history’s most successful technological innovations.
Similarities to Bitcoin in 2018
McGlone has been sharing insights into how the flagship cryptocurrency will perform over time. His latest analysis showed him comparing current price action with what took place during the “too cold” trading period in 2018–19. The similarities between both times may signal good news if you are waiting patiently for your next investment opportunity because it means we might be approaching another bullish cycle very soon.
McGlone, who's known for his previous bullish calls on Bitcoin and other cryptocurrencies in the past, noted that it is possible for BTC to post a similarly surprising rally while aiming to hit an updated resistance target near $60K.
Amazon Speculation Fuels A Short Squeeze
On July 21st, Bitcoin began to take another historic leap as its price per coin went from $29K to $42K within 2 weeks. This surge came after the market saw unprecedented short-selling where more than 1 billion dollars worth of positions were liquidated in one day alone.
What’s more, Bitcoin has been the talk of Wall Street after a rumor that Amazon may accept payments in Bitcoin by the end of the year. The initial rumors prompted an upturn in prices which liquidated many short positions, but it turned out to be just speculation on Wednesday night. By Thursday morning, company representatives had denied any plansfor this service.
Bitcoin's price is currently hovering around the $43K mark with an uptick that may have been caused by what many experts call "the largest short squeeze on record". And speaking of upticks, we can’t help but wonder whether Bitcoin will reach new heights.
"Bitcoin is on track to close the year with a high note," says Konstantin Anissimov, executive director at CEX.IO. He predicts that it will beat even more hard-to-reach prices by the end of this year, suggesting a climb towards $100,000 per Bitcoin.
Many crypto experts predict that these price levels are not out of reach for 2021 as many think they might be. Earlier this week, investors were stunned at how fast Bitcoin was moving after dipping below the $30,000 resistance in July. Experts say there could still be some turbulence ahead, but barring any major negative catalysts, Bitcoin could see an incredible finish in 2021 given the current momentum behind the cryptocurrency.
The “B-Word” Conference
The “B-Word” Conference, which was held on July 21st (hours before Bitcoin took its current 44% price jump) was a day of important talks on the benefits and potential future of Bitcoin. This event featured some key players of cryptoand influential speakers who are also invested in Bitcoin, such as Jack Dorsey from Twitter, Elon Musk from Tesla, and Cathie Woodwith ARK Invest, among others. The topics discussed ranged broadly but all were interesting to watch: everything ranging from how institutions can adopt this currency to what impacts it may have once corporate adoption becomes widespread.
The Bitcoin conference was a beacon of hope for people who have been discouraged by the recent state of affairs related to this innovative technology. Some speakers explained that while there has been some negative publicity around Bitcoin recently, it is important not to lose sight of what makes cryptocurrency so unique and exciting in the first place: namely its ability to challenge old models with more progressive ones, provide access points for those without traditional banking services, and even offer an opportunity for democratic participation through blockchain technology.
Additionally, Elon Musk announcedduring the conference that Tesla would most likely re-engage transactions with Bitcoin for their vehicles. This is because it has been shown to take up over 50% of electrical energy from renewable sources in mining, and this could help make our planet a cleaner place overall.
What’s Next for Bitcoin?
While no one knows for sure when Bitcoin will reach $60,000 again, it's safe to say that the future is looking very bright. With more companies accepting BTCas payment and Bitcoin ATMs on their way to becoming as commonplace as vending machines, now may be a good time to invest in this coin.
Aug. 20, 2021