Despite a bout of sideways trading in the crypto markets, Bitcoin has continued to extend its upwards momentum that was first established in …
Despite a bout of sideways trading in the crypto markets, Bitcoin has continued to extend its upwards momentum that was first established in early-April, and has now moved above the key $6,000 level that many analysts view as a critical price level for BTC to hold above.
Although this upwards momentum is certainly positive, one industry expert believes that it may be another 18 months before the cryptocurrency climbs back above its previously established all-time-highs that were set in late-2017 at roughly $20,000.
2021 May Be the Year of Fresh All-Time-Highs for Bitcoin (BTC)
At the time of writing, Bitcoin is trading up over 2% at its current price of $6,050, up significantly from its weekly lows of $5,500.
Over the past month, BTC has incurred significant upwards momentum that is showing few signs of faltering, as it has continuously been able to climb higher, even in the face of fairly significant developments that would typically be deemed bearish.
The upwards momentum first began in early-April when Bitcoin was trading in the low-$4,000 region, before it incurred significant buying pressure that boosted its price up to $5,400, at which point it began trading sideways before breaking above $6,000 late-yesterday.
Mike Novogratz, the CEO of Galaxy Digital and a former Goldman Sachs partner, recently spoke to CNN during the SALT conference Las Vegas, explaining that he expects Bitcoin’s price to triple by 2021, which would lead it towards its previously established all-time-highs.
Novogratz added that “Out of the rubble, bitcoin has popped back up,” referencing its 2018 lows in the low-$3,000 region, further noting that it would take something like a sudden shift in regulation or a devastating crypto exchange hack to “shatter this newfound confidence.”
BTC May Struggle Around $6,000 Before Surging Higher
Novogratz recently laid out a slightly more technical case for Bitcoin in an interview with Bloomberg, explaining that he expects BTC to “struggle around $6,000” before surging significantly higher.
Although it remains unclear as to whether or not $6,000 will be an easy level to decisively break above, it is important to note that the low-$6,000 region is where BTC traded sideways at for nearly two months before breaking down in mid-November to lows of $3,200.
Because BTC has been able to return to this price level, Novogratz explained that he is more confident about the cryptocurrency now than he has ever been in his career.
“I feel better about Bitcoin today than I have at any time in my career,” he bullishly said.
As Bitcoin’s price action continues to unfold and it grows clearer as to whether or not the crypto is able to decisively form support at the $6,000 level, traders and analysts alike will likely garner greater insight into whether or not the markets are truly able to begin their journey back towards their all-time-highs, or if further consolidation is imminent.
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