One Crypto industry CEO sees Bitcoin hitting all-time highs at some point as the perfect facilitatory atmosphere sets up the move.
Aleks Svetski, co-founder and CEO of Bitcoin (BTC) investing application Amber, said the asset could be on route to hit its all-time price high once again.
“It’s just a matter of time – there’s a perfect storm brewing and the pressure will have to go somewhere,” Svetski told Cointelegraph in a May 21 email, adding:
“With Bitcoin, supply is fixed, and its utility as an un-inflatable and incorruptible money is only increasing – the only thing left to move is price.
A longer time horizon could mean accumulation potential
With 2020 nearly half over, Bitcoin looks back on a roller coaster ride, in part amid coronavirus pandemic chaos. The asset visited $3,800 and $10,300 price levels, making countless stops everywhere in between.
What will it take for the asset to break its all-time price high near $20,000? “Time and momentum,” Svetski said, although he would not mind if Bitcoin sat around for a bit longer before its move toward new highs.
“I for one hope that it holds a lower price floor for a longer period,” he said, explaining the added time would give him and others more time to buy additional, lower-priced BTC.
An all-time price high, followed by FOMO
What happens after Bitcoin breaks its elusive $20,000 ceiling? “Disbelief, followed by FOMO,” said Svetski, noting the fear of missing out the public might express.
Once Bitcoin breaches $20,000, Svetski said he thinks the asset once again will garner significant public attention, with “mainstream economists and traders” warning of a price collapse or a double top chart pattern, which also sometimes signals upcoming downward momentum.
Svetski added:
“Retail punters will initially be hesitant, but as it charges ahead to $25k, $30k, $40k, the disbelief will transform into FOMO and we’ll see an incredible price acceleration.”
In contrast, however, billionaire Chamath Palihapitiya said the coin has potential to fall to $0 if it does not hit seven figures in price.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.