Today, Bitcoin’s year-to-date growth is more than 65% percent as the largest cryptocurrency reels past $12,000 for the second time this month, reaching above $12,388 for the first time in a year.
“Awesome” – one of the words used by traders and investors to describe the recent Bitcoin rally.
The remarkable spike did not only make members of the crypto community watch with mouth agape but it also gave them more reasons to be optimistic about the growth of the crypto ecosystem this year and the next.
A number of crypto investors and icons have acknowledged/welcomed the accomplishment of $12K per unit value, however, a prominent crypto trader with pseudonym Crypto Bitlord said BTC is heading for $30,000 this year.
He explained if he’s to make himself clear to people in the crypto space, he’ll say Bitcoin “will be going to” $30,000 per unit value in the year 2020.
Crypto Bitlord further suggested that people keep their Bitcoin for long, stating that: “this means making sure you have a nice long and also double long your long” to help hedge altcoins.
He added that he would advise on 1-2x long, this, crypto Bitlord said will let people move around without the stress of liquidations.
Crypto Bitlord said this following the tremendous rally displayed by Bitcoin to rise above $12,300, a level Bitcoin has not reached since July 2019. This was achieved after the bulls managed to dominate the market for some weeks now.
Since December 2017 when Bitcoin reached all-time high of $20,000, the highest the cryptocurrency has made is $14,000, hence, many think this is another significant barrier for Bitcoin before it can be well confirmed that the cryptocurrency has really begun a bull run.
Bitcoin’s Initial Breakout Target is $12,600
Another Bitcoin trader has also commented on the performance of Bitcoin in the latest bullish run that took the cryptocurrency to its 1 year high. Trader NebraskanGooner who is also a partner at Trezor hardware wallet said the initial breakout region for Bitcoin is $12,600.
NebraskanGooner, illustrating a chart on Bitcoin trend, said to affirm a bullish trend for the cryptocurrency, a breakout of $12,600 zone would be really important.
Earlier, the experienced trader said Bitcoin will be heading for $14,000 in the short term, and by the end of next year, the cryptocurrency would reach $200,000 per unit value against the US Dollar.