BTC/USD Daily Chart
Following Bitcoin’s breakout past $18,500, analysts have said that the market sentiment around Bitcoin is generally optimistic. Guy Hirsch of eToro exchange stated it would be surprising to see Bitcoin not testing the all-time high soon. He stated that the positive factors such as the support for BTC from PayPal and CashApp coupled with rising institutional adoption will buoy BTC.
A pseudonymous trader “Benjamin Blunts” said this rally “should be the one to take us to $20k and back to all-time highs.”
Five-year chart Google search interest in “Bitcoin.” Courtesy: Google
Considering different trends Bitcoin has seen since the March carnage, Guy Hirsch believes there are likely chances Bitcoin will test $25,000. If Bitcoin surpasses $20k, it would imply that BTC will seek to explore a new ceiling. Hirsch highlighted the $25,000–$30,000 range as the potential top for Bitcoin in the near term.
Bitcoin bull and investor, Mike Novogratz of Galaxy digital stated Bitcoin will surpass $20k to reach $65k due to the ‘network effect’, a combination of low supply and “tons of new buyers. This he said “I bought more BTC last night at 15,800. It’s going to 20K and (then) To 65K,”
However, one thing remains-it’s nearly impossible to predict BTC’s next top until it peaks at a certain level as there is no longer any historical context when it surpasses $20k. Another variable is that retail investors are likely to enter after BTC breaks past $20,000, which would add to the high level of interest and fear of missing out, or FOMO, that BTC is already seeing.
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