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Reports on the price of bitcoin: optimism and caution
Reports on the price of bitcoin: optimism and caution
Bitcoin

Reports on the price of bitcoin: optimism and caution

By Marco Cavicchioli - 21 Oct 2020

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Two interesting reports on the price of bitcoin have recently been published.

BTC has gone from about $10,000 to $12,000 in recent weeks, an increase in value of 20% in October. 

The Ibtimes report on the price of bitcoin

The first report is from Ibtimes.com, and analyzes the current situation and short-term future prospects. 

After exceeding the $12,000 threshold for the first time in October, the analysis examines whether this level will be held.  

In particular, it highlights how acceptance by public companies and institutional investors has acted as a positive catalyst for price increases, leading to expectations of a further increase.

The report quotes eToro analyst Simon Peters, who says that if the price remains above $12,000 for a longer period of time than previously, the next target would be $14,000. 

He also refers to Salsa Tekila’s Twitter profile, an analyst who cautions about the $12,000 level, and another analyst, Byzantine General, who says that the order books are too thin over this quota. 

At the moment, the price increase would be driven by traders in the spot market, and not by the futures market, as in previous bullish cycles. 

The bullish report

Another report is less cautious, arguing that there are good reasons to be bullish

In particular, the recent decoupling of BTC’s price trend from that of the stock markets could lead to further increases in the coming weeks were it to continue. 

Indeed, some technical indicators would seem to suggest “clear skies” above $12,000 for bitcoin, also thanks to a positive sentiment of institutional investors in the long term. 

Moreover, the lack of inflows from whales to exchanges suggests that the desire to sell large amounts of BTC is low, with the balance sheets on the platforms falling steadily despite the price increase. 

Another hypothesis is that during the month of November the price of bitcoin can break the barrier of 13.800$, which is around the same figure imagined by Simon Peters if in the next few days the price consolidates above 12.000$. 

The next few days could therefore be decisive in determining whether the current levels will be held in order to push the price even further.

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

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