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Thursday

29 October 2020

Calm before the storm? Analyst says $20K Bitcoin possible in 3 months

Calm before the storm? Analyst says $20K Bitcoin possible in 3 months


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The price of Bitcoin (BTC) has been consolidating within a tight range for several months.

Considering the tendency of Bitcoin to see large volatility spikes after prolonged consolidation periods, Sorout said:.

This could lead to a more stable and gradual uptrend for Bitcoin, unlike past bull cycles.

A strong narrative around a Bitcoin bull cycle heading into 2021 remains the recent upsurge of institutional demand.

Institutions that have been acquiring Bitcoin, like Square and MicroStrategy, said they perceive Bitcoin as a potential treasury asset

The price of Bitcoin has been relatively stagnant throughout October despite the positive news around institutional inflows

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cointelegraph.com
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