Source: Fabre Gov – Shutterstock
- Bitcoin price (BTC) will be driven by U.S. elections and a weakening U.S. dollar.
- Analysts agree on bullish predictions. Bitcoin could reach $14,000 in the short term.
Bitcoin has culminated another week with at least one bearish event, but the cryptocurrency has continued to build strength and seems set for a big move. Sentiment in most of the market is positive, as the end of the year approaches. A historically bullish season for Bitcoin.
At the time of publication, Bitcoin (BTC) is trading at $11,434 with gains of 0.96% in the last 24 hours. In the weekly and monthly charts, BTC records gains of 1.30% and 4.53% respectively. In the latter figure, BTC is in third place after Cardano (12.77%) and BNB (15.32%). Binance’s coin appears to have benefited from the suspension of withdrawals on the OKEx exchange.
In line with the bullish sentiment, deVere Group CEO Nigel Green made a positive prediction for Bitcoin’s price. In a post on the official website of the investment firm that handles nearly $12 billion in assets, Green said that Bitcoin is headed for a price boom. The CEO of the deVere Group believes that the price of cryptocurrency will reach investors’ expectations:
There’s a growing sense that we’re set to experience a mini-boom similar to that at the end of 2017. Prices are yet to catch-up with investor interest – but this is only a matter of time as investors will not want to sleepwalk towards perhaps year-high prices in the run-up to the end of 2020.
In 2017, Bitcoin reached its all-time high of $20,000. Since its fall in early 2018, BTC hasn’t achieved those levels. However, Green said there are two main factors that will favor BTC’s performance. The prediction is based on the positive fundamentals that Bitcoin has shown during the last few weeks and the U.S. Federal Reserve’s inflationary measures that weaken the dollar. The high level of adoption is also a bullish indicator:
There’s been something of an avalanche of interest in Bitcoin in recent weeks from household-name investors. Investor activity is picking up considerably with various on-chain metrics and ongoing – and heightening – global political, economic and social turbulence suggesting that there will be a price surge before the end of the year.
Previously, Green had indicated that the U.S. presidential election will be a positive factor for Bitcoin’s price. The event is expected to produce a sense of uncertainty in the market. Exacerbated by the consequences of the Covid-19 pandemic and the havoc it has wreaked on the world economy.
Bitcoin in moon mode, $14,000 in the short term?
In line with Green’s prediction, trader BTC Jack revealed that he feels bullish. The trader is known for his accurate predictions. As shown in the image below, Bitcoin’s price could hold steady over the next few weeks to test the $12,000 resistance at the end of the month. The target price that Bitcoin Jack predicts is close to $14,000.
If the trader’s prediction comes true, Bitcoin would be above $12,000 for the first time in 2020 and would reach levels similar to the 2019 highs. In that sense, trader Byzantine General has stated that Bitcoin’s reserves in the exchanges have been declining. Looking at the level of adoption of Bitcoin, the trader said:
I can’t shake the feeling that something big is happening. There’s very little doubt in my mind that really big players have entered the space, and they’re accumulating.