Without a doubt, Bitcoin (BTC) is the talk of the town as its impressive bull run seems to be moving to infinity by the day. After shuttering the historic high of $20,000 in mid-December, its uptrend doesn’t show any signs of slowing down because, on Jan 07, it surged past $37,000 based on the resumption of wild price swings.
Alex Krüger, an economist and crypto trader, stipulated that BTC might never go below the psychological level of $20,000 moving forward. He noted:
“Internalize Bitcoin will likely never trade under 20K again. The size of market corrections should diminish sharply with increased institutional adoption.”
The $20,000 price became the highest level BTC hit in December 2017. Since then, the crypto community has been waiting with bated breath to see whether this price could ever be reached.
December 2020 will, therefore, be written in Bitcoin’s history books as the month that saw the leading cryptocurrency shatter the all-time high (ATH) price of $20,000 it set three years ago.
Bitcoin marches forward
Bitcoin is currently trading at $36,858, up by 28% in the last one week. This bull run has triggered a market capitalization of $688 billion and pushed the crypto market’s overall value to over $1 trillion.
Krüger, therefore, bases his argument that as more institutional investors continue jumping on the Bitcoin bandwagon, market corrections will diminish sharply.
This increased adoption will assist in flipping the $20,000 resistance to a support level. As a result, the leading cryptocurrency will put this price behind its back and trade above it moving forward.
The lead economist also stated that those waiting for Bitcoin to crash by 80% were similar to those waiting for S&P to plummet by 50%. His revelation comes days after leading American bank JPMorgan Chase & Co. stated that crowding out of gold as a safe-haven asset could imply a big upside for Bitcoin in the long-term to hit $146,000.
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