While much of the financial markets are filled with uncertainty, Bitcoin seems to be taking advantage of this to keep jumping up, and still doesn’t want to show many signs of fatigue, which makes us wonder if it’s time to buy.
For Adam Back, renowned cypherpunk, he thinks that mass printing of fiat is rocket fuel, and that comparing Bitcoin Era reviews different upward cycles, the price could be hovering around $320,000 by February 2021.
Few things are as difficult as accurately predicting the future price of an asset. However, there are a variety of signals that tell us where the odds are at their highest.
All this week Twitter has been filled with interpretations of those signals that are appearing, and others that have been part of the panorama for some time now.
Although we cannot know exactly what the behavior will be, we see that the vast majority of analysts agree that the medium and long term future is encouraging, in general thanks to a more mature market, institutional buyers, unstable economic and social conditions, and monetary policies never seen before.
This is what some personalities of the ecosystem say
Many agree on the momentum that the massive injection of liquidity may be causing. One of them is CryptoDog, a popular analyst in the ecosystem, who also adds that the blockage due to the increase in cases of COVID-19, will be encouraging the stimuli, and as a consequence more pumping for BTC.
As I said, what we know here are the probabilities, and no doubt they are currently set on this side of the balance. The side where there is general instability, and assets that function as a shelter are benefiting.
With signs like this, that of a coronavirus advancing without mercy, we might consider it a good time to buy Bitcoin, but we’ll talk about this later.
Will the expected correction occur?
At the current price, it’s reasonable to think that a correction is already healthy, but how deep, should we go against a historical upward trend as strong as this cryptomone? I don’t think so, but of course it’s worth considering a possible fall.
Another popular crypto analyst, Rekt Capital, thinks that with the monthly BTC candlestick closing below $13,900, there is certainly room for a correction. But he warns, there aren’t many setbacks below $13,900 before we definitely break this level.