Of Bitcoin price increase today’s was positive, but in no way a macro outbreak. The digital currency is stuck in a range of $ 9,000 and $ 10,500 that has held the price for the past three months.
However, according to Tuur Demeester, the CIO of Adamant Capital, a huge outbreak is approaching. Commenting on the analyst Peter Brandt, Demeester said:
“I don’t know if the party is over … I could be wrong, but I think Bitcoin is slowly preparing for a very big step and some alts will follow.”
An important trend line
The outbreak can take place soon, says an analyst. This is because BTC has risen above a significant downward trend line. According to Blockfyre’s lead analyst, the trendline we’re talking about has formed a three-year downtrend at its all-time high near $ 20,000:
“#Bitcoin just had the first daily close ever ABOVE the 3-year trend of ATHs when CME Futures launched.”
Where can the Bitcoin price rise?
The question the graph above raises is: What value can the Bitcoin price reach when the ‘big move’ has happened?
According to Demeester, Bitcoin could reach a price of $ 50,000. In an interview with Messari earlier this year, the investor said that Bitcoin could reach $ 50,000 – $ 100,000. This is due to the quantitative easing and institutional adoption:
“It is a phase of land grabbing,” Demeester said of the ongoing institutional influx. “You know Bitcoin is going to be big and it is not correlated with traditional financial systems. Institutions backed up their claims and later see what will be built on top of Bitcoin. ”
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