BTC Price Nearing New All Time High!
BTC within the last 12 hours has hit a high of 18,980.00 and is currently at the time of writing this article at or around $18,761.00 which we may see dip around 18.5k but at this stage we shouldn't really see any thing lower than that and hopefully we will not ever see any prices this low again.
What Do I Expect?
I am leaning towards a New All Time High being set either on or before Black Friday 11-27-2020 I am still convinced like the mass majority of people that we are going to see some incredible gains with next to no retreat in price as Bitcoin has proven itself over and over again as the "Crypto Safe Harbor"
This day and time it is almost absurd to think of holding Fiat Currency in old fashioned bank accounts when you could hold money in Crypto and see amazing gains of 20% or more within weeks. I don't see over 300k being impossible at the current rate Bitcoin is increasing at.
Effects On Other Markets?
I think Bitcoin is already having a notable effect on the crypto market at this point. The majority of the popular Crypto Currencies move in similar ways with Bitcoin. Right now XRP is coming in at 41 cents which is up by .16 cents about a 70% gain.
I can not credit Bitcoin with the price surge of XRP since XRP is about to undergo a Hard Fork and Billions of XRP are currently being put into position so XRP holders can get free Spark once the network goes live.
The movement alone of billions of XRP could be solely responsible for the majority of that gain along with a booming crypto market bringing in even more attraction. Ideally I don't want to see XRP at this point retreat any lower than .35 cents.
What Are The Risk?
While I don't see any major warning signs at the time of writing this article we always face risk of a major price retreat and a long time for the prices to make it back up to this level again.
I know this is a true risk that I don't think we have to really worry so much about at this point considering the pricing factors of Bitcoin being more a supply and demand factor. The more people we have hoarding Bitcoins the higher the price will be on the readily available Bitcoins.
Supply and Demand as been a major factor of any currency since the creation of currencies. The less Bitcoin produced equals a higher price. Which we just had a halving earlier this year. After the halving we started to see financial advisors coming out in support of crypto.
Along with Financial Advisors we have major Financial institutions that have purchased 100's of millions worth of Bitcoin to HODLE aka hoard. Than we see a steady up rising on financial institutions such as PayPal and Square now offering Crypto to customers which is fueling what I am going to call the "Post Halving Rally"
My Final Thoughts
All of these factors are playing a major role in the current status of the market today. We have a major risk of all these financial institutions pulling out of all the crypto markets at the same time which would ultimately result in a crypto crash. However they are making millions of dollars right now and unless unforeseen regulations push them out of the Crypto Market I think they are here to stay just like Wall Street is.
We should always be vigilant and use our better judgement. I would not advise that you risk money that you can not afford to lose. You will always have risk involved with any type of investment. Bitcoin the odds are if you did lose money as long as you hold it for a while you will make that money back and than some.
Judging by previous rallies and the how they are growing closer and closer with Bitcoin continually rising leaves me to support the belief that one day Bitcoin will be worth a million dollars and the way no users and new money is pouring into Bitcoin we ultimately could see 250k + by the end of 2021.
Theoretically we should see prices at around 100k by April of 2021 for the 300k to actually happen but it could still happen with out that prediction holding true. Prior to the wide spread acceptance and usage of Bitcoin I had predicted that within 10 years Bitcoin would of been worth at a minimum of 100k just with it's growth rate with out Billionaires involved.
The involvement of Billionaires has really increased that original projection substantially by a lot. The growth rate is enough to support the predictions in my opinion.
As always, God Bless You, Thank You for reading and Stay Healthy!
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