Several analysts have made their own price predictions for the cryptocurrency. While they aren’t as bullish as their recent reports, the majority still believe now is a good time to buy or hold Bitcoin. Only 9% of them think now is a good time to sell. This report outlines their opinions. We recommend you do your own research. Never invest money you can’t afford to lose.
Managing partner of fundstrat global advisor Tom Lee recently said he expects the price of Bitcoin to rise from $15k to $50k by October 2020. He also mentioned the potential of current investors switching to crypto and the need for new regulations legitimizing the digital asset sector. The idea generated significant volatility in the initial price offer, but it has since risen to over $30,000 and is still on the rise.
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Using existing market cycles, you can also calculate a reasonable price prediction for Bitcoin in October 2020. In the past, Bitcoin has made three major upward moves. The first move from the first high to the second was 884 days, while the second move took 1,491 days and grew by roughly 41%. The third move was much smaller and shorter, but it was just as large, at about $100.
If you are a long-term investor, it’s probably wise to invest in Bitcoin in the long term. Many people believe that it will rise to over $60,000 by the end of 2020, but this is just a guess. While some experts recommend short-term investment, long-term investors should consider holding onto their BTC until it reaches the end of the year. If that happens, BTC will reach a median price of $63,748 at the end of the year.
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