Investors have been wondering when will $20,000 Bitcoin high be broke. Bitcoin has not been even near to achieving that feat for over two years. However, a remarkable cryptocurrency analyst posted a poll and it suggests that many are thinking Bitcoin will soon trade above its $20K high.
Majority of the Respondents thinks Bitcoin Will Trade Above $20K
On July 13, a pseudonymous Bitcoin analyst, “PlanB” (@100trillionUSD on Twitter) posted a poll. He asked the opinions of his followers regarding the Bitcoin’s 12-18 month price outlook.
Out of the 13,339, 69.9% chose the option saying Bitcoin will trade above $20K by the end of this year. 16.6% said that they believe Bitcoin will stay below that ever-important price point. Lastly, 13.8% said that they do not have a clue.
Here is the screenshot of the poll:
PlanB said that the price will soon shoot to $14K, or that his followers are quite optimistic regarding the Bitcoin price that current buyers and sellers on markets.
In Good Company
Many of PlanB’s followers are in good company. That only means, there are remarkable names in the cryptocurrency space who anticipate Bitcoin setting a new high in the coming year or so, as well.
Raoul Pal, the former head of Goldman Sachs’ hedge fund sales division stated in March that Bitcoin will rally to its $20K high by the end of this year.
He then later attributed this thought process to a number of trends. It includes Bitcoin’s halving, societal discourse, the money printing by central banks, amidst other trends.
Mike McGlone, a senior commodity analyst at Bloomberg was also bullish. He discussed in a June report that if Bitcoin will trade above $20K by the end of 2021 if it followed the path it took after 2016 halving.
Furthermore, it was added that currently, there exists a perfect storm of fundamental factors that would surely drive the Bitcoin even higher. These factors are believed to be so influential. McGlone even said that there needs to “go wrong” in order for Bitcoin “not to appreciate here.”
Out of these factors, many correspond that the unprecedented central-bank monetary policy will be the most bullish.
Regardless, what Bitcoin does at the moment, before the high, is anyone’s guess.