Bitcoin Hitting $17K? Chances Are Pretty Good
In a tweet, Cane Island Alternative Advisors’ Timothy Peterson explained:
Odds of bitcoin reaching $17,000 any time during the remainder of the year are about 30 percent.
The only problem is that the asset would have to shoot beyond the $12,000 mark for it to reach the said price. If this doesn’t happen, we can’t expect the currency to move much higher than it already has. Now, there are probably many people out there reading this thinking, “Oh, but bitcoin is at $11,600 at the time of writing! $12,000 isn’t that far off. It’ll certainly reach that number soon.” Well, if only it were that simple.
A few times now, BTC has struggled to reach the $12,000 mark. For the most part, it’s achieved this goal, but it has always fallen back to its previous position. Right now, $12,000 has proven way too strong for bitcoin to handle. At press time, bitcoin is trading for over $11,600, which would leave only a $300+ difference between where it is now and a lasting $12,000.
But bitcoin did reach $12,000 about two days ago, and sadly, this clearly didn’t last. The obstacle proved too much for bitcoin to break, and it has lost about $800 over the past 48 hours. $400 today, and $400 yesterday. It’s not a pretty sight.
On top of that, it’s very repetitive of what happened when bitcoin initially tried to reach $10,000 earlier in the year. This happened in both May and June. The first occurred right after bitcoin’s third halving. No doubt the hype, hoopla and anticipation surrounding the event had a lot to do with this, but once the halving hype died down, so did bitcoin’s price.
The second time, in June, is for the most part, unexplained. The only thing people likely remember about it is how short a period the jump lasted. Bitcoin was above $10K for what felt like mere minutes before tumbling back down into the mid-$9,000 range all over again.
What Pushed the Currency Above and Beyond?
Some lasting, mainstream pushes managed to heave bitcoin above the $10K range, the first being an announcement that more stimulus checks were coming for middle-income Americans affected by the coronavirus. The second was that banks would now be offering crypto custody services to customers. This managed to help lift bitcoin above $10K and keep it there. The same thing would need to happen if bitcoin is to rise above the $12,000 mark.
If bitcoin can potentially move beyond this position, $15,000 is virtually guaranteed, which means that $17,000 would be next for the world’s number one cryptocurrency by market cap according to Peterson. For now, however, we should probably focus on bitcoin’s initial price movements before shifting to what could happen in the future.