Respected Cryptocurrency analyst, Timothy Peterson, has on Twitter proclaim that the cryptocurrency foremost coin, BTC, has 30% chances of hitting $17,000 by the end of the year 2020, Peterson, a CAIA Manager at Cane Island Alternative Advisors, made this remark while reacting to a Twitter post which suggested that a surge in BTC price to break past $12,000 will guarantee that the noble coin is on the quest to visit the $15,000 – $17,000 mark.
It is, however, important to mention that the month of August has seen Bitcoin trying to break through the $12,000 resistance zone on four different occasions, two of the four attempts were in the last 90 hours as the crypto giant surged to reach $11,984 and $11,977 respectively, this had created a mixture of excitement and speculations among crypto enthusiasts as they begin to nurse the hope that BTC is about to retest its 2019 peak of $14,000 and also surge to reach $17,200 like it did in 2018.
Similarly another cryptocurrency analyst, MagicPoopCannon in mid-May presented that BTC is on the verge of testing $17,000, the analyst elucidated that the noble coin would first have to break past the $10,600 to stand a good chance of getting to $14,000 and rally up to hit $17,200.
Bitcoin Playing More Important Role In Institutional Portfolios
In another development, NewsLogical had earlier reported that the Bloomberg Executive Editor, Joe Weisenthal, in the latest edition of Bloomberg Market newsletter, disclosed that the fact that Bitcoin market growth has been similar to that of Gold is an indication that trading activities on the pioneer cryptocurrency have been on the increase.
The senior editor added that BTC is playing a more important role in institutional portfolios and any form of macro and market input that would possibly boost the price of gold would also assist BTC price in rising up. He reiterated that the similarities between the two assets have become very close to a very large extent which he described to be happening on a tick-by-tick or minute by minute basis.
However, following hours of surge to $12,300, Bitcoin value against the US Dollar has plunged largely by about $600 within 2 hours, and the cryptocurrency is priced around $11,700 at press time. Nevertheless, traders and investors are hopeful that BTC would still rise further, with claims that this is just a pull back to build stronger bullish forces.