So, after much speculation that Bitcoin’s number would go up higher than ever before, it did. The price of Bitcoin cruised past $20,000 today to hit a new all-time high price of $20,836.
The question: What now?
Will Bitcoin keep going up, or is this the last few days before a crash that will wipe off the planet, as well as smiles off its smug-faced proponents?
Eric Wall, CIO at crypto investment firm Arcane Assets, told Decrypt that Bitcoin’s price will go “up, like you wouldn’t believe.”
“We just crossed the previous ATH amidst intense institutional accumulation,” he said. “Weak hands had to sell off, now they’re done.” It’s likely we just continue upward from here,” he said.
But how long for? “30 minutes? Forever? Who knows?” he said. “It’s uncharted territory now.”
Pedro Febrocas, an analyst at crypto research firm Quantum Economics, told Decrypt that people will start to sell lots of Bitcoin should it reach $23,000. Looking at charts that display the demand for Bitcoin at a specified price, he has concluded that the price of Bitcoin will increase until it hits $23,000.
Then, people will sell the coin until it hits $19,500, he predicted. “We expect that the described pattern could take a few days to complete,” he said.
Rob Viglione, co-founder and CEO at Horizen labs, is already bored by today’s record highs. “$20k as a psychological anchor for Bitcoin is already old news,” he told Decrypt, meaningful for people who were around during the bull run of 2017.
“We’re past that, this is a new market cycle,” he said. The “real news,” Viglione corrected us, “is that many of the people buying today see the current price as an entry and not a mental upper bound.”
Of course, the only way to work out what happens next is to strap yourself into the Bitcoin rocketship. To da moon?