Bitcoin

Once Bitcoin Cross $12,000, It’s Heading Towards All-Time High

Since bitcoin briefly surpassed $12,000 mark, the bullish sentiment about the price of bitcoin has been spreading like a virus. This is partly due to past experience. When bitcoin price crossed $12,000 last time in 2017, it didn’t stop before attaining its all-time high of $20,089.

Now, even experts such as Peter Brandt, a well-known analyst, suggest that bitcoin is heading all the way for $100,000. According to Brandt, bitcoin is experiencing its fourth parabolic phase. Unlike any other asset Brandt has come across in his 45-year career, bitcoin has shown outstanding growth.

Brandt compared the returns of bitcoin with other assets and stocks such as Apple, Amazon, and Netflix. He concluded that returns like those of bitcoin were unbelievably outclassing. No other asset has appreciated in value as rapidly as bitcoin.

Crossing the $10,000 barrier is so significant for bitcoin that even the bitcoin billionaire and co-founder of the Gemini crypto exchange, Tyler Winklevoss, believes that now bitcoin is only heading upwards. Although his optimism allowed him to suggest that bitcoin price is climbing to $15,000, at the same time, John McAfee extends the argument and suggests that bitcoin can reach $1 million mark as well if it successfully overtakes $100,000.

Previously, McAfee told that bitcoin’s value has nothing to do with its price. He suggested bitcoin price will ultimately reach $2 million spot. He expects bitcoin to excel in the future and rise as much as $1 million by the end of 2020.

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Since last December, when the price of bitcoin was about $3,150, bitcoin has gained almost 190 percent in value. While general bullish perception surrounds around bitcoin crossing $10,000, general partner at Bitazu Capital, Mohit Sorout emphasizes the importance of bitcoin rising above $12,000. He explained that the resistance between $12,000 to $20,000 was very little. In other words, this means that once bitcoin price gets across $12,000, it will move rapidly towards an all-time high.

A crypto trader, who goes by the name Josh Rager, believes that bitcoin investors should smartly handle their investments. While predicting that bitcoin will continue its growth trend, Rager expects bitcoin price to hit $60,000. He commented that people settle for 10% gains while forfeiting 500% gains.

Unlike other assets, the price of bitcoin isn’t dependent on anything else than speculation. The largest decentralized digital cryptocurrency by market cap only obeys the fundamentals of supply and demand. In addition to that, bitcoin is an extremely volatile asset. All the aforementioned predictions suggesting shooting of bitcoin price after a certain barrier is crossed prove bitcoin’s volatile nature.

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However, there are several factors expected to impact the price of bitcoin. For instance, FOMO (Fear Of Missing Out) is a factor often associated to come into play after bitcoin price jumps above $10,000. As people trusting bitcoin before the bull run of 2017 ended up being millionaires and billionaires, investors aren’t willing to miss out an opportunity this time.

Besides FOMO, bitcoin halving is also contributing to the momentum. Bitcoin halving is an event that takes place every four years. After bitcoin halving takes place, the award earned by miners after successfully mining a block of bitcoin halves. Bitcoin halving has occurred twice since the inception of bitcoin. Both time, after the halving, bitcoin reached its all-time high. That’s why the bitcoin halving scheduled for next year is something that investors look forward to.

There are several positive and optimistic remarks about the future of bitcoin. Many experts of the crypto space trust bitcoin price to not only improve but break the record and attain its all-time high. However, as bitcoin is a completely decentralized and volatile asset, no one can guarantee its upcoming price in the future.

One day the price of bitcoin drops down to the ground whereas on another the crypto skyrockets. So, for investors, it’s important to consider all factors and aspects before pooling in funds in the hope of insane returns. The market always has been will always continue to be uncontrollably volatile.

READ ALSO: Bitcoin’s Correlation with Gold Amid US-China Trade War

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Fatir Malik

Electrical engineer by profession, turned into blockchain developer. Fatir contributes regularly with his insights about latest developments in fintech sector. Contact the editor at editor.opinions@blockpublisher.com

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