The bitcoin price has undergone a strong bullish rally in recent days hitting a high of
Market analysts predict the cryptocurrency will soar to further heights in the coming weeks. The co-founder of Real Vision and former hedge fund manager, Raoul Pal shared a chart lately indicating BTC is almost clearing a vital sell-off zone near $14,000. A break above this point would push the price of bitcoin towards its all-time high of $20,000 and further in the coming months.
According to the Wall Street veteran, bitcoin only faces two challenges at $14,000 and its ATH of $20,000 in its journey towards a new all-time high. The former hedge fund manager expects the flagship cryptocurrency to set a new record price early in 2021.
Raoul Pal served as a hedge fund manager at GoldMan Sachs for five years. Pal also worked as hedge fund manager at GLC before he retired at the age of 36. The Wall Street veteran has more than 27 years of experience in the financial markets tucked under his belt.
Additionally, other notable figures in the cryptocurrency industry foresee a massive bull run in the upcoming months. Gemini exchange co-founder and bitcoin multimillionaire, Tyler Winklenvoss lately shared his views on the recent bitcoin bullish market. According to Tyler, the bitcoin price will likely reach a new all-time high in 2021. As per him, the world’s leading cryptocurrency is yet to undergo a breakout despite jumping from $10,000 to nearly $18,000 in less than a month.
Why invest in bitcoin in 2021?
According to Raoul Pal, it is wise to invest in BTC given the progressively robust performance over all the other financial assets. Pal recently revealed that 50 percent of his investment portfolio is in bitcoin form. There are several reasons why you should consider investing in bitcoin in 2021.
Currently, there is an increasingly growing awareness between both individuals and institutions of the unique value proposition presented by gold. Renown investor, Paul Tudor Jones recently claimed that Bitcoin in 2020 prompts the role gold used to serve in the ‘70s. For those who are confused on whether to invest in bitcoin in 2020, it is worth noting that the cryptocurrency has always exceeded its all-time record price after a market crash.
Back in 2011, the bitcoin price reached a record $30 on the most popular exchange at the time, Mt. Gox. However, a hack on the exchange sent bitcoin on a freefall with its price collapsing to a mere $2 by November 2011. However, the cryptocurrency began to recover its lost value early in the following year.
In another instance, back in April 2013 the bitcoin price shortly touched the $290 record price at the time, before sinking by more than 50 percent in a matter of hours. Back then, the leading exchange, Mt.Gox was unable to manage the rising transaction volume which resulted in a DDoS attack. Regardless of the deteriorated investor confidence in bitcoin trading back then, it took the flagship digital asset just seven months to exceed its previous record high then.
Historically accurate price data indicate that bitcoin is poised to overtake its most recent all-time high price. Although it might take a few years to reach such vast heights again, it is advisable to start investing in bitcoin as early as now.