{"id":17101,"date":"2020-11-18T07:17:41","date_gmt":"2020-11-18T06:17:41","guid":{"rendered":"https:\/\/bernstein-bank.com\/?p=17101\/"},"modified":"2020-11-18T07:17:41","modified_gmt":"2020-11-18T06:17:41","slug":"where-is-bitcoin-going","status":"publish","type":"post","link":"https:\/\/bernstein-bank.com\/en\/where-is-bitcoin-going\/","title":{"rendered":"Where is Bitcoin going?"},"content":{"rendered":"\n\n\n
\n

Gold<\/span>\u00a0 1878,195
\n(-0,11%<\/span>)<\/h4>\n<\/th>\n

\n

EURUSD<\/span>\u00a0 \u00a01,1872
\n(+0,09%<\/span>)<\/h4>\n<\/th>\n

\n

DJIA<\/span>\u00a0 29629
\n(-0,33%<\/span>)<\/h4>\n<\/th>\n

\n

OIL.WTI<\/span>\u00a0 41,49
\n(-0,22%<\/span>)<\/h4>\n<\/th>\n

\n

DAX<\/span>\u00a0 \u00a013144,04
\n(+0,01%<\/span>)<\/h4>\n<\/th>\n<\/tr>\n<\/tbody>\n<\/table>\n

The price movements of the first cryptocurrency are beginning to resemble those of 3 years ago. Bitcoin is growing faster and faster. But there are also significant differences. The main question is who is buying BTC today, pushing the price up.<\/p>\n

BTC<\/strong><\/p>\n

\"BTC\"<\/p>\n

3 years ago, at these levels, Bitcoin was bought by the public, who for the most part did not understand anything at all about cryptocurrencies. Then, after a powerful pullback, people lost a lot of money. And many people left the market forever.
\nToday, the situation is completely different. Bitcoin is being bought by banks, investment and pension funds and even public companies. They don’t buy for speculation, but to preserve the value of money that is rapidly depreciating.
\nMore and more bankers and experts are adding oils to the fire, showing that everyone is expecting a yield of 10% per annum, not standard for the stock market. The rates are much higher here. The projected annual return is on average 100-1000%.
\nFor example, the Executive Director of Citibank says that Bitcoin will be traded at $318,000 by the end of 2021. This is not a bank analyst or any clerk in the planning department, but Tom Fitzpatrick, Citibank Group’s global product manager with the status of executive director.
\nHe expects the price of bitcoin to peak at $318,000 by the end of 2021. The forecast may sound incredible, but Fitzpatrick claims that this spike will be the weakest rally for a digital asset compared to other assets such as gold.
\nAnd while Fitzpatrick predicts that Bitcoin will be subject to even greater regulatory restrictions in the future. However, unlike other digital currencies such as the digital currencies of the Central Bank (CBDC), bitcoin cannot be confiscated, making it a safer asset.<\/p>\n


\nWhen to wait for $20,000 for 1 BTC?<\/strong><\/p>\n

It is not clear why everyone is so closely following the previous maximum reached 3 years ago. Does anyone believe that this achievement will be followed by a powerful correction again, as it is a strong level of resistance?
\nIt is more likely that the opposite will happen with precision. A break-down in the level of $20,000 for 1 BTC will cause a new surge in purchases by the funds. And the nearest stop is seen at $22,000, which is about 10% above this level.<\/p>\n


\nWhat awaits us today?<\/strong><\/p>\n

01.30 Minutes of the meeting of the Reserve Bank of Australia
\n14.30 US retail sales for October
\n15.00 Address by the Head of the Bank of England E.Baye<\/p>\n

\n

Important Notes on This Publication: <\/small><\/p>\n

The content of this publication is for general information purposes only. In this context, it is neither an individual investment recommendation or advice nor an offer to purchase or sell securities or other financial products. The content in question and all the information contained therein do not in any way replace individual investor- or investment-oriented advice. No reliable forecast or indication for the future is possible with respect to any presentation or information on the present or past performance of the relevant underlying assets. All information and data presented in this publication are based on reliable sources. However, Bernstein Bank does not guarantee that the information and data contained in this publication is up-to-date, correct and complete. Securities traded on the financial markets are subject to price fluctuations. A contract for difference (CFD) is also a financial instrument with leverage effect. Against this backdrop, CFD trading involves a high risk up to the point of total loss and may not be suitable for all investors. Therefore, make sure that you have fully understood all the correlating risks. If necessary, ask for independent advice.<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

Gold\u00a0 1878,195 (-0,11%) EURUSD\u00a0 \u00a01,1872 (+0,09%) DJIA\u00a0 29629 (-0,33%) OIL.WTI\u00a0 41,49 (-0,22%) DAX\u00a0 \u00a013144,04 (+0,01%) The price movements of the first cryptocurrency are beginning to resemble those of 3 years…<\/p>\n","protected":false},"author":37,"featured_media":13158,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-17101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nWhere is Bitcoin going? | Bernstein Bank<\/title>\n<meta name=\"description\" content=\"The price movements of the first cryptocurrency are beginning to resemble those of 3 years ago.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bernstein-bank.com\/en\/where-is-bitcoin-going\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Where is Bitcoin going? 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