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Bitcoin Price Predictions: $20k Still Possible

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Bitcoin price predictions

Bitcoin price predictions for this year continue, with Fundstrat’s Tom Lee still being convinced that the $20k mark remains a possibility. RT host Max Keiser seems to share this belief, especially since BTC already broke $7,000 in September.

Bitcoin price may still reach $20k, says Tom Lee

Tom Lee of Fundstrat has been known for his optimistic view on Bitcoin and its future. He still believes that various BTC price predictions, his own included, are still possible, most notably the one saying that Bitcoin will hit $20,000 by the end of 2018. This belief has been discarded by many throughout the year, as the constantly bearish market continued to hit cryptos hard, month after month.

Lee recently discussed the emerging markets, stating that Bitcoin’s price movement shares a lot of similarities between them. More specifically, he talked about ETFs like iShares MSCI Emerging Markets Index ETF. This ETF allows investors to allocate their money to various stock/assets portfolios in developing regions and their respective markets.

He then stated that these markets, as well as BTC, peaked at the beginning of the year, only to see a significant downfall later down the line. He also believes that the correlation will continue to hold.

Bitcoin to rise together with the emerging markets

According to Lee, ETFs’ and assets’ performance is strongly influenced by emerging markets, and their increase is the spark that will lead cryptos to new levels of greatness. The correlation between them has been strong ever since the beginning of the last year.

Lee also predicts that various world conflicts, especially the ones between the US and Iran, Turkey, China, and other world countries might also hit the US dollar. If that happens, the price of cryptocurrencies, and especially Bitcoin, might skyrocket like never before.

Max Keiser believes that even $28k per BTC is possible

Despite the fact that 2018 has been marked as an extremely bearish year, Max Keiser also kept the positive stance towards Bitcoin and its price. These days, we mark an entire month since cryptos have reached certain levels of stability. Some even consider the current situation to be decently bullish, with BTC breaching $7,200 per coin.

As usual, a lot of other cryptos followed its progress, and the market even managed to surpass $13 billion, which is a massive increase, especially considering that only a week ago it was barely over $5 billion.

As the end of the year draws closer, digital currencies are once again gaining value, and Keiser believes that his earlier predictions of BTC hitting $28k are still valid. This is further supported by even more interest coming from institutional investors, which are committing to the market via custodian solutions.

At this point, it would seem that even the BTC ETF rejections by the US SEC do not matter. Academie Bitcoin’s Jonathan Hamel shares this opinion, as well as Tom Lee. Even eToro stated that there are numerous alternatives to ETFs, like ETN.

With all of these positives piling up, it is not that surprising that cryptos were able to shake off the bears in favor of bulls. Analysts and cryptocurrency experts believe that this is still only a beginning and that large changes are upon the market, and especially Bitcoin. Whether they are right is anyone’s guess, but considering the way things have been going recently, it would seem that the optimists may be correct after all.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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