Bitcoin Hovers Around $8,700 As Poll Suggests $20,000 Bitcoin Price

Bitcoin Hovers Around $8,700 As Poll Suggests $20,000 Bitcoin Price

The cryptocurrency market is trading mostly sideways today, after some gains earlier in the week. At the moment of writing, the price of Bitcoin is trading at $8,697. However, although the price of Bitcoin is hovering around $8,700, a fresh poll suggests it may have a massive upside.

Bitcoin SV has had a dramatic week

As it often the case, Bitcoin’s performance is dictating that of the larger cryptocurrency market. According to statistics from COIN360, the market is evenly split between intraday gains and losses.

However, perhaps the most notable crypto market news of the past week has been the meteoric rise of Bitcoin SV. Bitcoin SV is currently the fifth-largest cryptocurrency by market capitalization. What’s more, the coin rose from well under $200 a few days ago to a high of roughly $440.

Join Bybit - get $90 FOR FREE

Although the coin’s price has since fallen, to a price of $317 at the time of writing, this still represents a massive price increase. The exact reason as to Bitcoin SV’s dramatic price increase is not clear. 

However, some suggest that rumors that Craig Wright could execute a massive Bitcoin sell-off and instead invest in his fork of choice, Bitcoin SV. This rumor was tied to the recent news that time is running out for Wright to “prove” he is Satoshi Nakamoto if he wants to escape legal sanctions.

The Bitcoin SV pump saw the cryptocurrency briefly overtake Bitcoin Cash as the fourth-largest crypto in the market. Although Bitcoin SV has since fallen, it will be interesting to see whether this was a tease of future market moves.

Bitcoin’s “true value” could already be over $20,000, according to Twitter poll

In Bitcoin news, however, a recent poll says that Bitcoin’s true value could be $20,000. This poll was undertaken by the economist and crypto analyst Alex Krüger. 

Moreover, he committed the poll over Twitter, which means it isn’t entirely scientific. It is, nevertheless, interesting to take into account.

In it, a total of 4,079 people were asked regarding their sentiment for the premier cryptocurrency. A total of 47.1% of those asked regarding the cryptocurrency were adamant that Bitcoin will surpass its all-time high of roughly $20,000 by the end of this year.

Only a mere 14.8% of the respondent thought that Bitcoin’s price would be anywhere below $11,499 by the end of 2020. 

Public sentiment does not decide everything, but it is an important factor for investment appetite. As such, it will be interesting to see whether Alex Krüger’s poll pans out.