Bitcoin is in rally mode once more.Whether it’s uncertainty from the U.S. election, the future of the pandemic or simply more investor interest, the cryptocurrency is at the highest level since January 2018.
Bitcoin was up 3.3% at $14,463 as of 8:33 a.m. in London.The digital currency has been benefiting from high-profile investments from the likes of Square Inc. and Paul Tudor Jones. JPMorgan Chase & Co.’s JPM Coin was reportedly used to make a payment for the first time.
Proponents argue bitcoin can be a diversifier in times of uncertainty, so events like lockdowns across Europe or delays of U.S. election results could be fueling its rise.
After taking out the June 2019 highs at $13,800, the next resistance is around $20,000, Fundstrat Global Advisors LLC technical strategist Rob Sluymer said in a note last month.
The cryptocurrency world is, of course, famously volatile. Bitcoin has made parabolic runs upward before, notably December 2017 and mid-2019, before major tumbles. And many strategists and investors are skeptical.
Empire Financial Research’s Whitney Tilson said in an email Wednesday that he still regards cryptocurrencies as “a techno-libertarian pump-and-dump scheme” and recommends most investors avoid them.
Bitcoin was up 3.3% at $14,463 as of 8:33 a.m. in London.The digital currency has been benefiting from high-profile investments from the likes of Square Inc. and Paul Tudor Jones. JPMorgan Chase & Co.’s JPM Coin was reportedly used to make a payment for the first time.
Proponents argue bitcoin can be a diversifier in times of uncertainty, so events like lockdowns across Europe or delays of U.S. election results could be fueling its rise.
After taking out the June 2019 highs at $13,800, the next resistance is around $20,000, Fundstrat Global Advisors LLC technical strategist Rob Sluymer said in a note last month.
The cryptocurrency world is, of course, famously volatile. Bitcoin has made parabolic runs upward before, notably December 2017 and mid-2019, before major tumbles. And many strategists and investors are skeptical.
Empire Financial Research’s Whitney Tilson said in an email Wednesday that he still regards cryptocurrencies as “a techno-libertarian pump-and-dump scheme” and recommends most investors avoid them.
-
- 1
Francisco Gimeno - BC Analyst Today BCT is 15K. Bulls are optimistic. What about investors? Crypto strategists? the only reality we more or less can say is true is that BTC remains very volatile, even if institutional money is entering the market. The price can easily go to 20k; it can also suffer a correction and return to lower levels. Just take care there out in the field.