Bitcoin price is nearing $20K… where is it going next? Talking BTC price prediction with Charles Payne on Fox Business Network 👉 Free training today: DOWNLOAD MY BOOK Cryptocurrency Investing for Dummies ►
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Besides the supply and demand reasoning for Bitcoin’s $100K price forecast, the Bitcoin has had a tendency to add zeros to its price from around $10 in 2011. It took about four years to go from $1,000 to $10,000 in 2017, so doubling that time frame for maturation could get the price toward $100,000 in about five more years. Bitcoin is unique in that supply cannot be influenced by price, leaving adoption as a primary valuation metric.
Invest Diva’s Kiana Danial Reviews Bitcoin Price Valuation
– How important is news that PayPal and others are now accepting bitcoin?
The more big names get behind Bitcoin, the more people will trust that Bitcoin is legit. unfortunately, after the 2018 crash, many who simply invested in Bitcoin out of FOMO got wiped out and then associated Bitcoin with scammers who worked overtime on social media, using bots to trick people in the name of Bitcoin.
That’s precisely why social media like Facebook started banning all cryptocurrency accounts.
But as companies like PayPal get behind it, people will start to differentiate between the scammers and the real Bitcoin as an investment asset. The more people view it as a trustworthy asset, the more people will buy and eventually push the price higher due to supply and demand. This plays well with our $100K long-term projection as well.
– Is there still concerns of global intervention – I’ve read China created its own cryptocurrency
Many countries are now getting involved with crypto because they can see the value. But I doubt anything could truly replace Bitcoin as a store of value.
Bitcoin is the only cryptocurrency that’s truly decentralized, with no single organization behind it that can benefit from its value appreciation.
But I highly doubt a successful intervention by any government, especially China. Bitcoin’s value is derived from NOT being connected to a government.
Bitcoin is ramping up towards the all-time-high levels above $19K and the reason may more than just “hype” this time around, like what we saw back in 2017.
On the other hand, bitcoin by nature is an incredible source of value because there will only ever be 21 million bitcoins so simply by the rule of supply and demand, we can expect its value to rise over time.
But looking at it short term, bitcoin is incredibly volatile and will likely remain volatile.
Everyone becomes interested in bitcoin when it’s surging and once it’s surged enough, we’ll see the whales take profit causing a crash.
Now, I don’t think this time around the crash will be anywhere as bad as the one in 2017, simply because the surge wasn’t as sudden. The crypto community has had time to digest and evolve, and more people have now become educated about the value of bitcoin… which was evidently one of the main reasons why I wrote my book in 2018, to help people cope with the next bitcoin volatility.
Fewer people might consider taking profit as well since the 5-year projection for bitcoin is now 100K among many bitcoin advocates and we have now a growing number of firm believers in the value of Bitcoin.
So if and when a pullback occurs, I wouldn’t expect it to go anywhere below $10K .
Based on Technical Analysis, if Bitcoin finds a concrete resistance at $20K, we could see a pullback towards the 23% Fibonacci retracement level at around $16K.
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Disclaimer: I am NOT a financial advisor, and nothing I say is meant to be a recommendation to buy or sell any financial instrument. I will NEVER ask you to send me money to trade for you. Please report any suspicious emails or fake social media profiles claiming to be me. Don’t invest money you can’t afford to lose. There are no guarantees or certainties in trading or investing.
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