Bitcoin (BTC) price in November, took about a day to jump from $14,000 to over $15,000 for the first time since January 2018.
At pixel time (16:03 UTC), BTC trades at $15,042 and increases by 8% in one day and 12% in one week. BTC went up 40% in one month and 60% in one year.
“Bitcoin is the big winner in the current macro environment,” Anthony Pompliano, co-founder and partner of the crypto currency investment firm Morgan Creek Digital Assets, told Reuters.
“As we saw coming out of the 2008 liquidity crisis, inflation hedging assets are doing very well when the Fed steps in with QE”.
As Cryptonews.com reported earlier today, according to Northman Trader founder Sven Henrich, as long as BTC can stay above the breakout trend line it has “significant higher technical space.
“Also note that BTC is showing some backward action and has lower room for a potential breakout from the trend line. But note that within the consolidation of the larger wedge a potentially much more upward pattern has emerged, that of a potential reversal that would point to about [USD] 17,000,” he said in his note yesterday.
He added that “a real test for the BTC as a hedge against the destruction of the fiat currency” would be whether the BTC and the shares are decoupled from each other.
“For example: A drop in stocks while BTC runs towards the technical target of 17K. That could be convincing to support the argument,” Henrich said; adding that “We’ll probably know more on that front in the next 3 months or so.
Optimistic views on Bitcoin Price in November
Meanwhile, Mike McGlone, a commodity strategist at Bloomberg Intelligence, said the Bitcoin Price in November could jump to $20,000 in 2021, reaching a new level of resistance.
“Certain supplies leave demand as the primary measure of price, and most indicators remain positive,” he was quoted by Bloomberg. In October, he said that “Bitcoin is on track to reach $100,000 by 2025.
Confidence Variables
However, Whitney Tilson, of Empire Financial Research; said Wednesday that she still considers crypto-currencies to be “a techno-free pump and dump scheme” and recommends most investors to avoid them, the report added.
“The asset that was once discarded is now recognized by traditional finance,” Dave Chapman, a Hong Kong-based executive director of OSL; a crypto-currency brokerage firm, told Reuters. “It’s not going away, and it has now been given regulatory clarity by regulators, globally.
Recent Comments