Mohit Sorout assures that the price of Bitcoin could reach a new all-time high in 90 days.
Since July of this year, Bitcoin has been oscillating between $ 10,200 and $ 11,800, a range of 15%. You have experienced moderate volatility for an extended period, except for a few short spikes in volatility.
When Bitcoin is stable for a long time in a tight price range, a large price movement usually occurs.
It remains uncertain whether or not a breakout will occur in the short term. But if it happens, Sorout says it would take BTC three months to reach $ 20,000.
Based on the previous cycles, the price of Bitcoin tends to move rapidly after remaining relatively calm for a long time.
From May 1 to July 20, the price of Bitcoin ranged between $ 8,800 and $ 9,800, stabilizing around $ 9,100. After two months of consolidation, it took 12 days for the price of BTC to register a 32% rise to $ 12,123 on Binance.
Considering Bitcoin’s tendency to see large spikes in volatility after extended periods of consolidation, Sorout said:
“Calm before the storm. If BTC had a breakout today, it would most likely hit its previous all-time high of $ 20,000 in 3 months. “
On October 17, Grayscale CEO Barry Silbert said the company reached a record asset of $ 6.4 billion. Silbert emphasized that the firm saw “BIG entries this week.”
Institutions that have been acquiring Bitcoin, such as Square and MicroStrategy, said they perceive Bitcoin as a potential treasury asset. If so, that could mean that many institutional investors are hoarding BTC without the slightest intention of selling in the near future.
© 2024 Cryptopress. For informational purposes only, not offered as advice of any kind.
