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It is what unfolded on Monday in the battle for the $50,000 per BTC level. There were two armies on the battlefield. One represented the future (bitcoin buyers). The second represented the past (sellers). In the first team there is a progressive part of society. The second represents the conservative establishment that runs the world today.
BTC
The short-term outcome of the battle was a draw. The bulls broke through the level of $50,000 per 1 BTC, but could not immediately build on their success, taking the next marks of $51,000 and $52,000.
And the medium-term outcome is a complete defeat of the forces of evil. After the breakthrough of the most important round level, a direct road to $100,000 per 1 BTC opens. It is the one that major players and analysts will now focus on.
Since last summer, we have explained in detail no less than 15 times why bitcoin is fundamentally undervalued. And why it will rise strongly sooner or later. The key here is “sooner or later”. As you know, it is impossible to foresee the timing of the start of a move in advance. The time has come and the movement started. During this time, the price went up 6 times from the levels of 8-9k for 1BTC.
Now analysts will unanimously start predicting again a value of $100,000, $200,000, $300,000 per BTC at the end of 2021. If that happens, great.
However, we continue to stick to our conservative forecast we made earlier this year. We believe bitcoin will grow 2-3 times in 2020. That means we expect its year-end price to be 58-87k per 1 BTC.
When the volleys of the guns subside, let’s break down in detail what changes for bitcoin after it breaks through the $50,000 level. Don’t forget to follow our newsletter.
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