The price of Bitcoin has finally broken through the $10,000 line. This means the premier cryptocurrency is now past a major psychological milestone. What’s more, analysts suggest that this could just be the start of a far greater Bitcoin rally.
Bitcoin smashes $10,000 barrier
During the past few weeks, numerous analysts have said that the technical signs indicate a Bitcoin bull run. That bull run now appears to be closer than ever – if not already in effect – as Bitcoin soars past the $10,000 barrier.
Bitcoin has steadily risen towards $10,000 during all of 2020, but $10,000 is now definitively broken. Recent reports also suggest that Bitcoin’s price may increase even more, as the Bitcoin halving approaches.
One well-known Bitcoin supporter, Anthony Pompliano, suggests that this may just be the beginning. In fact, Pompliano suggests that Bitcoin may soon embark on a massive crypto rally which will bring the digital currency’s price to $100,000.
Pompliano: $100,000 Bitcoin by December 2021
In fact, Pompliano references Bitcoin’s intentionally static supply, hinting that the upcoming Bitcoin halving may play a role in further price increases. This suggestion came in a recent tweet from Pompliano:
“Bitcoin just hit $10,000. I still think that Bitcoin will hit $100,000 by end of December 2021. Fixed supply. Increasing demand. Time will tell.“
Pompliano is not the first to suggest that Bitcoin could surge towards $100,000. In fact, one analyst went as far as to suggest that a Bitcoin price of $152,000 is achievable as soon as late 2020.
+$10,000 Bitcoin leaves analysts bullish
With that said, however, Pompliano is far from the only analyst who is bullish regarding Bitcoin. The crypto analyst Willy Woo recently said that “[t]his breakout is the real deal. Fundamental investment activity is backing this $10k breakout.”
This view is in line with recent bullish sentiment from analysts and investors. However, the coming days will likely test whether Bitcoin can sustain a price over $10,000 in the short term.
If Bitcoin is possible to hold this price – or even increase it – as fickle traders consolidate their gains, a larger rally could very well take place.
The CEO and co-founder of BitMEX, Arthur Hayes, is another crypto profile who is bullish regarding Bitcoin. In a fresh tweet, Hayes suggests that Bitcoin could soon reach $20.000.
“Nothing can stop me, I’m all the way up! Slow and steady wins the race. Let’s take the staircase up to #bitcoin $20k.”
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.