Analyst: BTC could surge up to $17,000 once this crucial time is over

Kenny Stevens – Cryptocurrency Enthusiast

The COVID-19 pandemic has influenced finances worldwide, including that of cryptocurrencies, resulting in a recession. Although Bitcoin has increased in value by over 60% since the beginning of 2020, it has also undergone some exceptional plummeting prices during the wake of the most testing COVID-19 outbreak in the middle of March.

Key Highlights

1. For the past few weeks, Bitcoin has been caught trading sideways.

2. That culminated in a relatively wide range of exchanges from 11,200 to 12,200 dollars.

3. Crypto investors that buy Bitcoin kept a keen eye on a dip under the bottom of this range as a strong upswing follows every visit

4. Analysts now remember that BTC will position itself to see even more short-term gains

5. These gains could lead to a price increase of up to US$ 17,000 – according to one analyst.

For Bitcoin and the aggregated crypto market, it has been a week of mixed exchange. Ethereum was able to split up its trading line after a long consolidation, while Bitcoin stayed below its primary short-term resistance. Hardly much to provide an insight into the development of the whole market. There are a handful of Bitcoin price predictions which exhibit BTC’s promising future made by some of the renowned Bitcoin advocates:

  • Chamath Palihapitiya believes that Bitcoin has a great chance to be comparable to safe-haven assets like gold and can reach prices of millions within 3-4 years.
  • John Pfeffer believes that Bitcoin can become a substitute for all the gold currently owned by private investors: the gold bars that people store in safe-deposit boxes or hide in their backyards.
  • Jeremy Liew (A Light Speed Venture Partner) said that the Bitcoin price could rationally outstretch $500,000 by 2030. Peter Smith, CEO and co-founder of Blockchain (the most popular Bitcoin wallet in the world) supported Liew’s projection.

Altcoins also have a shortage of trends, some of them rocketing up as more buy altcoins, while others drift down. Many believe it can only be a matter of time before it breaks out of its current trend line and leads the entire industry.

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