How Likely Is Bitcoin (BTC) Price To Smash $20k?
The Bitcoin (BTC) price hit a new all-time high (ATH) of $19,837 yesterday, before a sharp 7% correction materialized.
A 4% climb from that local low is hinting towards another test of another Bitcoin ATH, but even more significantly breaking $20k for the first time ever.
The BTC price this past couple of weeks is reminiscent of what’s been happening the last few months: a steady climb up, slight correction, and a bigger climb.
Bitcoin has been as resilient as it has ever been without any steep correction for the last few months. Last weeks’ 15% drop from $19,155 to $16,369 was the steepest correction since the March crash.
Bitcoin’s resilience is down to the institutional demand for Bitcoin, as the likes of PayPal and Square gobble up more than the new supply of BTC.
Added with the amount of interest from institutional investors, it’s not surprising Bitcoin is about to test another ATH, and breaking through $20k is definitely on the cards.
What will happen if BTC price smashes through $20k?
According to famed analyst Peter Brandt, Bitcoin breaking the $20k barrier will only signal that Bitcoin has actually entered a bull run.
The trading firm Factor LLC, CEO was speaking on a panel discussion with Tone Vays and Mati Greenspan and others about the Bitcoin’s run.
When discussing the significance of Bitcoin smashing its ATH and then $20k, Brandt said it would only verify that Bitcoin had most likely re-emerged into a bull trend.
‘I think it’s remarkable that we’ve started up there,’ said Brandt. ‘That’s just the verification that we have started a bull market, looking at all kinds of markets, the nature of the bull market is that you go up and challenge previous all-time highs and manage to find your way through it.’
However, Brandt does expect a heavy correction before we smash $20k. The famed price analyst believes Bitcoin is poised to see further losses before it regains the bullish momentum seen over the past few months.
Mati Greenspan and Tone Vays more bullish on BTC price
Quantum Economics founder Mati Greenspan was more bullish on the idea of Bitcoin breaking $20k, saying he was excited at the prospect of the BTC price breaking new ground.
Although the former eToro analyst said it depended how the Bitcoin price acted when it did breach $20k. If it only touches it before correcting, it would be ‘a sign of market exhaustion’ and we might see a bigger correction.
If the BTC price was to smash through the $20k barrier, it would ‘break a significant psychological resistance’ and would be a significantly bullish signal as it would emphasize the bullish confidence in the Bitcoin market.
Former Wall Street trader Tone Vays was very bullish on the panel, especially if the Bitcoin price breaks through the $20k barrier.
Vays was rightly bearish when many analysts were bullish through the 2019 Plus Token led fake out. But Vays is evidently bullish on BTC now.
The technical analyst and prominent Bitcoiner said that unlike previous bull runs ‘the media hype around Bitcoin asset is more justifiable,’ citing the Bitcoin halving, Bitcoin birthday and an imminent ATH.
But Tone did warn that without a proper 30% correction the Bitcoin bull run would remain at risk of losing steam.
Max Keiser sees Bitcoin surging to $28k
Max Keiser is extremely bullish on the Bitcoin price. Since earlier this summer, Keiser has been calling a new Bitcoin ATH and then a run up to to $28k before we see any correction.
Bitcoin permabull Max Keiser has been bullish on Bitcoin for a long time, and regularly tweets his bullish $28k Bitcoin price prediction.
The Keiser Report anchor believes it’s only there will we see a heavy correction, before continuing up towards newer ATHs and a six-figure Bitcoin price in the bull cycle.
$20k or not this time around, BTC will smash it
Short term price predictions are usually wrong, and Peter Brandt, Mati Greenspan and Tone Vays had slightly differing views. Max Keiser has the most bullish short term, and probably long term prediction on Bitcoin price.
They all remain bullish on Bitcoin long term, but it mostly depends on how BTC breaks through $20k for evidence of its short-term momentum.
Will we see a 30% correction before the trend up continues? Possibly, but its just as possible we will run up to $28k before anything that significant.
Either way, new ATH will become the standard throughout 2021 as BTC surges up.
Author: Pablo Clarke
A Bitcoiner since 2017 and a Bitcoin Maximalist since 2018, Tommy is our main writer and editor at Bitcoin Maximalist. Other than researching and writing about Bitcoin, Tommy loves spending time with his family and supporting his beloved Leeds United.