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Bitcoin could surge by up to 10x and reach $170,000 if BTC closes November’s monthly candle at or above $13,880, based on historic performance, according to popular crypto analyst Josh Rager.
Bitcoin has been surging in value in the past month. The impressive performance led to several consecutive yearly records and reaching $16,000 last Friday – the highest BTC price displayed since early January 2018.
Although the cryptocurrency has retraced since its peak and currently trades at about $15,400, the analyst Josh Rager suggested that the asset could soon skyrocket even further.
Rager noted that “every time Bitcoin has closed above the previous monthly all-time high – a 700% to 1,000% uptrend has followed.”
The first similar scenario highlighted in his graph above occurred in 2013. BTC’s January monthly close was around $20, which coincided with the previous monthly high.
Shortly after, the primary cryptocurrency spiked to about $150 – or a near 700% increase.
Somewhat identical events transpired on two more occasions in 2014 and during the parabolic price increase of 2017.
The latter is also the current benchmark as BTC closed in December at about $13,880.
With Bitcoin’s price hovering above that level now, Rager believes that “November could be the first monthly close that we see breaking the previous high.”
Should his prediction materialize, Bitcoin will find itself in a six-digit price territory.
The “modest” 700% increase will take BTC to $120,000, while the 1,000% surge will result in $170,000 per coin.
Another famous BTC analyst, Willy Woo, attributed Bitcoin’s latest price surge to smart money – high net worth individuals. He asserted that the average transaction value between investors had increased substantially in the past few months.
“Who has been buying this rally? It’s smart money… High Net Worth Individuals.
You can see the average transaction value between investors taking a big jump upwards. OTC desks are seeing this too.
Bitcoin is still in its stealth phase of its bull run.”
In other trending Bitcoin News today:
“Billionaire Investor Stanley Druckenmiller Says He Owns Bitcoin, Believes Top Crypto Asset Has More Upside Potential Than Gold”
Billionaire and famed money manager Stanley Druckenmiller says he has warmed up to Bitcoin and now owns the crypto asset.
Druckenmiller tells CNBC’s The Exchange that he’s predicting a steady decline in the value of the US dollar in the next few years as he expects inflation to rear its ugly head.
“When you look at the extraordinary measures taken by the Fed and the fact that they’re monetizing the debt, I think it’s a high probability that we get inflation in the next five or six years, starting maybe in a year or two.
Particularly with the vaccine, now the economy could run very hot, at the same time all the stimulus is in the pipeline, at the same time we have challenged supply chains between the United States and China.”
Kelly Evans, the host of The Exchange, noted Druckenmiller’s interest in BTC when she introduced him.
The billionaire emphasizes that his interest in the cryptocurrency is only moderate compared to gold.
“With regard to gold and Bitcoin, you’ve kind of overstated in your introduction my enthusiasm for Bitcoin. I do own a tiny bit of it but I own a lot more gold. Gold is a 5,000-year brand as a go-to asset in terms of inflation.”
Druckenmiller, however, does note that Bitcoin could potentially have more upside than the precious metal.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
$BTCEvery time Bitcoin has closed above the previous monthly all-time high – a 700% to 1000% uptrend has followed
November could be the first monthly close that we see breaking the previous high and historically that’s been a very bullish sign for the crypto market pic.twitter.com/5SBTtE600U
— Josh Rager 📈 (@Josh_Rager) November 10, 2020
“I’m a bit of a dinosaur, but I have warmed up to the fact that Bitcoin could be an asset class that has a lot of attraction as a store of value,” says legendary investor Stanley Druckenmiller to @KellyCNBC. His “dollar-decline basket” also features good ol’ gold.$BTC $RIO $FCX pic.twitter.com/2zuM8JqxaW
— The Exchange (@CNBCTheExchange) November 9, 2020
Who has been buying this rally? It’s smart money… High Net Worth Individuals. You can see the average transaction value between investors taking a big jump upwards. OTC desks are seeing this too.
Bitcoin is still in it’s stealth phase of its bull run. pic.twitter.com/3q41pmNVP9
— Willy Woo (@woonomic) November 9, 2020
The significance of the worlds greatest and most respected money manager – Stan Druckenmiller saying just now that he is long bitcoin can not be overstated. That has removed every obstacle for any hedge fund or endowment to invest…#Bitcoin
— Raoul Pal (@RaoulGMI) November 9, 2020