Bitcoin (BTC) left behind the environmental concerns that fueled its collapse in early May, and the ecosystem has restructured following China’s crackdown at the same time. Investor sentiment has changed radically, and specialists predict a new jump before the end of the year.
The six figures have become the great objective of BTC investors, and even more so if you analyze the performance of the cryptocurrency in 2020 (300%). A jump like this year, break the level of USD 100 .000. Several specialists see it as possible, although there are only 4 months left until the end of the year.
Adam Beck, CEO of Blockstream, highlighted the extraordinary increase of BTC in terms of adoption and ventured to forecast a price of USD 100K for Christmas. In addition, he compared the digital asset with gold and assured that it is a better financial instrument. “The comparison that I liked was the competition of physical gold, because, in many ways, bitcoin is a better physical gold,” Beck slipped in dialogue with popular commentator Anthony Pompliano.
On the other hand, the famous analyst Plan B – creator of the stock-to-flow model – endorsed the same prediction and assured that “the next few months will be key.”
Financial analyst Florian Grummes took a similar stance, although he gave BTC two more months of margin to hit six figures, and warned that before the jump there could be a further correction towards $ 35,000.
“What we have experienced for the last five weeks is a nice strong bounce that is typical for cryptocurrencies after a first sell-off that could extend to $ 25,000. That is still possible; otherwise, Bitcoin turns around $ 35,000 and goes back to $ 60,000 and the bull market continues. I think it is likely to reach $ 100,000 in the next six months “, he explained Grummers with Kitco News.
As of today, the price of BTC hovers around $ 48,000, representing an annual jump of 60%, but 25% lower than the all-time high reached in April above $ 64,400.