Aleks Svetski, co-founder and CEO of Bitcoin’s investment application (BTC), Amber, said the asset could be on track to reach an all-time high once again.
„It’s just a matter of time, a perfect storm is brewing and the pressure will have to go somewhere,“ Svetski told Cointelegraph in a May 21 email, adding:
„With Bitcoin, the supply is fixed, and its usefulness as non-inflatable and incorruptible money only increases, the only thing left to move is the price.
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A longer time horizon could mean a potential for accumulation
With 2020 almost half over, Bitcoin looks back on a roller coaster, partly in the midst of the chaos of the coronavirus pandemic. The asset visited price levels of 3,800 and 10,300 dollars, making countless stops in all places in between.
What will it take for the asset to break its historically high price of blockchain not bitcoin, putting an end, made up half, what it said, fight the supreme court ruling, us political parties, the 200-daily moving average, holds $1 billion in assets, is not a “dapp store”, restrictions on bitcoin exchanges about $20,000? „Time and momentum,“ Svetski said, although he wouldn’t mind Bitcoin sitting a little longer before it moves to new highs.
„For my part, I hope he will keep a lower minimum price for a longer period,“ he said, explaining that the additional time would give him and others more time to buy more BTCs at a lower price.
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A historical price high, followed by the FOMO
What happens after Bitcoin breaks its elusive $20,000 ceiling? „Disbelief, followed by FOMO,“ said Svetski.
Once Bitcoin passes $20,000, Svetski said he believes the asset will once again attract public attention, with „leading economists and traders“ warning of a price collapse or a double top chart pattern, which sometimes also indicates a coming downward momentum.
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„Retail customers will hesitate at first, but as you charge $25,000, $30,000 or $40,000, disbelief will turn to FOMO and we will see an incredible acceleration in prices.
In contrast, however, billionaire Chamath Palihapitiya said the currency has the potential to fall to USD 0 if it does not reach seven figures in price.