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Bitcoin just reached its highest point since 2018, and some analysts believe BTC will surge to new all-time highs in the near future.
Crypto investment analyst Teeka Tiwari predicts the Bitcoin will reach $60,000 or $70,000 “a lot sooner than most people realize.”
In a recent Zoom call with Chris Lowe of Legacy Research Group, Teeka specifically predicted bitcoin growing as high as $60,000 or $70,000 USD.
Although Teeka did not issue a timeline for his prediction, Teeka insisted we’ll see cryptocurrencies with “multitrillion-dollar market caps” within the near future – similar to how stocks like Amazon and Apple have multitrillion-dollar market caps today:
“You will see cryptocurrencies with multitrillion-dollar market caps – like how you now see stocks like Amazon and Apple with multitrillion-dollar market caps.”
Teeka made the prediction back in August when bitcoin was hovering between $10,000 and $12,000.
Over the last few weeks, bitcoin has surged to recent highs, reaching as high as $13,793 on October 27.
Although the price has retreated slightly in recent days, some are calling for bitcoin to reach a new all-time high before the end of 2020.
Teeka deliberately did not put a timeline on his prediction, stating that he did not want to get backed into a corner – similar to how other cryptocurrency ‘gurus’ have looked foolish when their price prediction dates have come and gone:
“I’m not going to paint myself into a corner and say when. But it will happen a lot sooner than most people realize.”
2020 has been an uncertain year for everything, but bitcoin has remained relatively steady throughout the year.
The world’s biggest cryptocurrency has continued to slowly accumulate market cap throughout the year.
While some believe there will be a correction before the end of this year, others believe bitcoin will surge.
We could see a tumultuous end to 2020.
With the US presidential election and uncertain COVID-19 treatments, bitcoin could be a safe haven for investors in a world of uncertainty.
In his interview, Teeka claims we’re in “maybe the second half of just the first inning of this bull market.”
As much as bitcoin’s price has surged in recent months, Teeka believes this is just the first 10% of the bull market – with the remaining 90% surge still to come:
“We’re in maybe the second half of just the first inning of this bull market. You’re going to see bitcoin reach $60,000 or $70,000.”
There are reasons to be optimistic about bitcoin in the near future.
Teeka and his team have collected all of the following evidence showing the long-term viability of bitcoin and digital currencies in general:
Fidelity (one of the world’s largest asset managers), Intercontinental Exchange (ICE, the owner of the New York Stock Exchange), and JP Morgan Chase (one of America’s largest banks) are creating crypto products and services for clients.
Walmart, Visa, IBM, Citigroup, and UPS are adopting blockchain technology, using it to track supply chains and cross-border transactions.
Billionaire hedge funds are allocating a portion of their portfolios towards bitcoin, and a growing number of asset managers recommend putting a slice of your portfolio into alternative assets like bitcoin.
In other trending Bitcoin News today:
“5 Signs That The Real Bitcoin Rally Is Only Just Starting”
The price of Bitcoin (BTC) has pulled back substantially since its yearly high at $14,149 a few days ago.
Yet, there are five signs that the real rally is only just starting.
Rising “HODLing” activity, record-high fundamentals, low retail interest, higher time frame breakout and technical indicators suggest that a bigger bull run may be brewing.
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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.