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Bitcoin has chance of reaching $20,000

2020.06.25

Bitcoin may set new highs in the next 12 moths. But not overnight. Institutions may take 2-3 moths to triage current portfolio issues. 3-6 to research opportunities like distressed debt, crypto, etc. Then, as they begin making allocations, those markets will begin to rise. At the time of publication, Bitcoin at $7,284 with a 1.12% loss in the last 24 hours. On the weekly chart, the cryptocurrency is showing a 13.20% gain and on the monthly chart it is still showing a 9.60% loss.

The research firm Skew has drawn up a graph with the probabilities of Bitcoin reaching a certain price during the year. The graph is based on data from the derivatives market. According to the data, Bitcoin has only a 5% chance of exceeding the all-time high of $20,000 by December.

However, the metric could change pre and post Bitcoin halving. For now it is an indicator of general market sentiment. The chart also shows that the BTC price has a 3% to 6% chance of reaching or exceeding its mid-February price at some point in April.

Agreeing with Novogratz, Dan Morehead of Pantera Capital said that standard monetary policy tools are ineffective in combating the current crisis. Morehead said that the measures the U.S. is taking will make it more indebted than when it emerged from the Great Recession and World War II. The impact of Bitcoin will be the following.

Author : Reynaldo