Bitcoin has had an eventful past week. As numerous analysts suggest an imminent Bitcoin bull run, the premier cryptocurrency surges past $9,750 in a new 2020 high. Now, analysts take this price surge as proof that a Bitcoin bull run could be in the making.
Bitcoin breaks $9,750 and reaches new 2020 high
At the time of writing, Bitcoin is trading around $9,782, according to data from COIN360. What’s more, the premier cryptocurrency has brought the wider cryptocurrency market along into the green. In fact, the crypto market as a whole is showing significant intraday gains.
This comes just days after a series of bullish reports from investors and analysts. According to some prominent crypto YouTubers, Bitcoin could break $100,000 in 2020. Even more spectacularly, one analyst is even guiding for a massive Bitcoin price of $152,000 in late 2020.
Additionally, eToro’s Senior Market Analyst recently said that $6 billion could leave the stablecoins market and enter the wider cryptocurrency market. This would provide further impetus for the Bitcoin price, at a time when numerous technical indicators are already flashing bullish.
Nevertheless, some analysts have taken a more cautious stance to these suggestions of a Bitcoin rally. For example, one top Bitfinex trader said that the influx of fiat currencies into crypto is currently too low to support a major Bitcoin bull run.
Bitcoin is the “best place to bet on crypto”
Now, however, it would seem that Bitcoin is – at least temporarily – embarking on a price surge. In fact, the current Bitcoin price constitutes a new 2020 high for the premier cryptocurrency. This can be seen as a milestone for Bitcoin’s long-term performance, and paves the way for reaching $10,000.
In addition to this, it can also be seen as a testament to the bullish market sentiment surrounding Bitcoin at the moment. Although the crypto market as a whole is in the green, some analysts are hyping the specific performance of Bitcoin.
For example, the venture capitalist Mike Novogratz – the CEO of the crypto merchant bank Galaxy Digital – recently said that Bitcoin is the “best place” to invest in crypto.
This comes despite the strong performance of Ripple (XRP) and Ethereum (ETH) in the past week. In fact, Novogratz admits that XRP’s strong performance surprises him – as does the performance of the broader altcoin market. Specifically, Novogratz’ tweet reads:
“That said, I see more and more large accounts getting educated and set up to be accumulators of $BTC and believe on a risk-adjusted basis it’s the best place to bet on crypto.”
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain 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.