Wednesday, May 18, 2022

Bitcoin Is Going Crazy – Could It Hit $20k by Christmas?

Bitcoin Is Going Crazy – Could It Hit $20k by Christmas?

Bitcoin continues to impress us, and even the world’s biggest believers have moments when they’re legitimately surprised. Over the last 24 hours, bitcoin has jumped another $2,000, spiking from $12,000 USD to $14,000, and expectations are growing every minute.

Also read: Japan’s SBI BITS Joins nChain to Develop Secure Systems and Grow Bitcoin Cash

Join the Bitsonline Telegram channel to get the latest Bitcoin, cryptocurrency, and tech news updates:

An Array of Upward Movement

The cryptocurrency has increased by over $8,000 in just the last month alone when after a brief period of “downsizing”, it dropped to the $6,000 range, causing investors to panic along the way.

This didn’t last, however, as bitcoin rebounded to $7K and then $8K, then entering December at $9K.

The continual jumps have been astronomical; so much in fact, that many alleged crypto-experts have been forced to pull their predictions back a bit. For a long time, the sentiment remained that bitcoin would reach the $20,000 mark within the next one to three years, but now bitcoin is slated to exit 2017 at that price. Does that sound like the perfect Christmas gift or what?

Bitcoin Ends the Year on a High Note

Just last week, for instance, founder of Standpoint Research Ronnie Moas spoke about bitcoin and how it would potentially reach $20K by the year 2020. Now, that prediction is threatening to come true a little too early. The cryptocurrency getting close to striking $15K within the next day or two, and with $5,000 left to go, $20,000 doesn’t seem as distant as it used to.

Speaking with CNBC, crypto-enthusiast Richard Heart spoke of the recent introduction of BTC-based futures, which ultimately do two things:

  • It offers institutional investors a platform to legitimately become involved in the cryptocurrency market.
  • It allows the public to speculate on the price of bitcoin and decide where it will potentially strike. People are given the opportunity to “place a bet,” for lack of better terms, on what they think the price of bitcoin will be in the future and lock in certain profits to collect later should things go as predicted.

Second Chances Are Being Given

Ultimately, Heart believes this is going to offer many institutions once barred from purchasing crypto the chance to make important changes to their financial strategies. This could make the price spike almost instantly, and thus potentially hit $20K by the end of the year.

Coinbase logo

Additionally, Coinbase and Gemini have rolled out “institutional storage agreements” granting companies and other players the chance to pay simple fees in exchange for having their bitcoins safely stored, and with only about 14 million coins currently in circulation, there is a general rarity that exists amongst today’s bitcoins that makes them even more valuable.

So, keep an eye for the next big price hike… It may happen sooner than you expect — fingers crossed.

Will bitcoin strike $20K in the coming weeks? Post your comments below.

Images via YouTube, Coinbase

This price report is meant for informational purposes only, and does not constitute financial advice. Bitsonline is not responsible for any gains or losses incurred while trading bitcoin, or any other digital asset.

Bitsonline Email Newsletter