Bitcoin Hit 28K: Three Scenarios to Consider
As Bitcoin cruised to a new all-time high of $28,288.84 yesterday, December 27th, everyone is thinking the same thing: Where will the buck stop short? Will we see a dump harkening back to the 2017 catastrophe? Or will Bitcoin stabilize […]
As Bitcoin cruised to a new all-time high of $28,288.84 yesterday, December 27th, everyone is thinking the same thing: Where will the buck stop short? Will we see a dump harkening back to the 2017 catastrophe? Or will Bitcoin stabilize at its current valuation and has everyone finally realized Bitcoin and crypto are the future of financial systems?
Scenario 1: Bitcoin price sets a new record and surpasses its new target of 30K before January 1st
The price may continue to surge past $30,000 in the coming days before the end of 2020 and we certainly hope to see Bitcoin hit its newly projected target of 30K before January 1st. Given the recent adoption of Bitcoin by financial institutions such as PayPal and Square, it is reasonable to say that 2021 will be the year that Bitcoin legitimizes itself as a main player in the digital financial industry. Analysts suggest that this, among other aspects of the Bitcoin legend, is what proves Bitcoin’s value and we will see Bitcoin crash through 100K in the next few years! In which case, HODL because what is coming next will make this all-time high seem like peanuts.
Scenario 2: Bitcoin price stabilizes at the ~27K mark
Compared to 2017, Bitcoin is seeing a comparatively strong 3-month surge.
28.09.2020 – 28.12.2020
28.09.2017 – 28.12.2017
This suggests a different future outlook based on market factors including COVID-19, digitalization of the monetary system, and large-scale cryptocurrency integration. An analysis of these incidents suggests a comparatively different scenario between 2017 and 2020. Bitcoin looks to be far more stable and prosperous in 2020 compared to 2017.
Scenario 3: Bitcoin price drops ala 2017
In the worst-case scenario Bitcoin will continue to tease the market and will dip in a matter of days. That being said, our analysis suggests it will reflect the incremental flux we have seen between the differences in 2017’s rise and fall. Bitcoin should not drop back down to its post-2017 high failure, it should hold at a median that reflects three years of legitimacy within the financial market. This is ultimately a positive as we will see the aforementioned rise to complete validity.
Given the events of 2017, the market is on pins and needles at the moment and many are calling for a Bitcoin price correction which to some means a bear run coming soon.
Santiago Burelli
Santiago Burelli has written about cryptocurrencies and blockchain since 2016 and graduated from the USC Marshall School of Business. Among other topics, he is interested in exploring blockchains power to decentralize artistic data.
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