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The price of Bitcoin rises and the comparison with gold is back
The price of Bitcoin rises and the comparison with gold is back
Bitcoin

The price of Bitcoin rises and the comparison with gold is back

By Amelia Tomasicchio - 22 Oct 2020

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It is well known that the price of Bitcoin is currently rising and the crypto world is enthusiastic about it, bringing the Fear & Greed index back to 73 points today.

Naturally the question of whether the price of Bitcoin will continue to rise or not is being asked, and although no one has the crystal ball and BTC has not behaved as expected several times, some Tradingview traders and crypto experts had their say on the price of Bitcoin and made predictions.

First of all, a trader pointed out that Bitcoin is again correlated to gold and the S&P 500 index, so this could already be a first indication for understanding how the price of the crypto queen could behave.

bitcoin gold

“From this chart you can simply see that Bitcoin has the biggest spikes and is still the fastest growing and it’s very important to have a proper strategy, when investing into Bitcoin,” he explained.

Meanwhile, the price of Ethereum is also rising over 4% in 24 hours and approaching $400. And indeed yesterday the trader from Tradingview explained:

bitcoin gold

“The price bounced from $368.50 support. If the price can stay above SMA200, we will be able to search for buying opportunities based on the price reversals. Now, we can use one of such opportunities and open a long position with stop orders below SMA200 and the profit target at $400.00 resistance”.

Bitcoin: the price rises to $14,300?

bitcoin gold

Some optimistic predictions could not be lacking, with those who see the price of Bitcoin going up to over $14,000.

“This line is displayed by the white dashed line on this chart. As you see every time the price breaks above it, a very strong daily rally follows.”

Bitpanda’s opinion

As always happens in these cases, the crypto world’s influencers try to give their views on what is happening in the market.

Eric Demuth, Co-Founder and CEO of Bitpanda said:

“We see a significant increase in institutional players entering the crypto market. Additionally, there is a lot of capital available that is not only going into the traditional financial market. The crypto industry has evolved rapidly in recent years and with further regulation and bigger serious players. Therefore cryptocurrencies, in general, started to establish themselves as a trusted asset class of the worldwide financial market such as gold and stocks. It is because of this that we see a spike in new retail customers and fresh capital entering the market over the past 6 months which is reflected in today’s price.”

Among other things, this growth may also have been dictated by news from PayPal, which said it will integrate crypto assets in 2021: 

“As 2020 has shown that crypto is here to stay. There has been a huge inflow of institutional capital as well as record numbers of new retail customers adopting cryptocurrencies. I am certain we will see more big players like PayPal joining the party in 2021.”

Amelia Tomasicchio
Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for Cointelegraph and CMO at Eido. She is now the co-founder and editor-in-chief of The Cryptonomist.

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