- Bitcoin broke the strong resistance along the $19,000 mark a few hours ago and is on its way to reach a new all-time high.
- Dan Tapiero forecasts that Bitcoin will soon be 6-digit in price and that it is “only a matter of time”.
The bull market of Bitcoin continues, so that investors can continue to be pleased about full profits. In the last few hours, Bitcoin overcame strong resistance along the $19,000 mark and has seen a 2.42% gain in the last 24 hours, to a price of $18,992.25. The market capitalization has increased to $350 billion.
As we have already reported, one driver behind the current Bitcoin rally is the entry or increased participation of institutional investors such as PayPal or MicroStrategy, which are driving the price further up. The co-founder of Gold Bullion International, Dan Tapiero, therefore forecasts that it is only a matter of time before Bitcoin reaches a 6-digit price. In a new podcast with Anthony Pompliano, Tapiero explained that investors should own Bitcoin as well as gold, but BTC can easily increase 20 to 30 times:
In the next five years, I can see gold at $4,000, so that’s double. But if gold is at $4,000, Bitcoin is probably somewhere between $300,000 and $500,000, so that’s a 20, 30x.
In his opinion, large whales and financial institutions will invest between 10% and 15% of their assets in BTC to participate in the appreciation. Tapiero puts this traditional financial market at $100 trillion, so up to $15 trillion could flow into the crypto market:
That’s a huge chunk. I mean, 15% of $100 trillion is $15 trillion.
Bitcoin is a strong hedge against the Federal Reserve’s inflationary policy, which continues to rise, and thus a safe anchor of value in difficult times like the Corona pandemic. According to Tapiero, there is no question that Bitcoin will one day surpass gold in terms of adaptation, since Bitcoin provides a complete ecosystem and is globally networked.
Other analysts, such as Off the Chain Capital CIO Brian Estes, told Reuters that he also expects a 6-digit Bitcoin price soon and that Bitcoin could even rise to $288,000 by the end of 2021. CNBC presenter and Bitcoin bull Jim Cramer also believes in Bitcoin and thinks that his children will no longer hold gold but Bitcoin:
I think that my kids, when they get my inheritance, won’t feel comfortable with gold, and will feel comfortable with crypto.
Analyst Josh Rager also remains bullish for Bitcoin. However, he states in a new tweet that Bitcoin has to go through a correction and that this moment may be imminent. However, if Bitcoin manages to establish a new support at the $19,000 mark, the further rise and thus the attack on the historic all-time high of over $20,000 could continue.
Even the most bullish asset in history has a pullback on occasion pic.twitter.com/6frkqd7PkA
— Josh Rager 📈 (@Josh_Rager) November 24, 2020
Big Chonis Trading states that Bitcoin may continue to rise, but a correction at this time would be overdue and healthy for the market and the further development of BTC. Nevertheless, Bitcoin continues to show an upward trend and expects the price to continue to rise.
— Big Chonis Trading😷 (@BigChonis) November 25, 2020