Blockchain on a Roll: Is Bitcoin Price Set to Have a 2017-Style Mini-Boom This Year?
According to the current blockchain currency trends, the bitcoin price is showing an upward trend. Bitcoin, the world’s first recognized global blockchain-based currency, has shown a very volatile trend since 2009. The virtual currencies market has been tracked since 2009, and in 2017, bitcoin prices touched their highest mark- USD 13860.14. According to a market research firm, the global average bitcoin price as on September 2020 is approximately $10728.25 USD¹.
Bitcoin’s price is set to “surge before the end of 2020” with investors keen not to “sleepwalk” through a 2017-style mini-boom, says the CEO of one of the world’s largest independent financial advisory and fintech organizations.
The prediction from Nigel Green, the deVere Group CEO and founder, which has $12bn under advisement, comes as Bitcoin – already one of the best-performing assets this year – appears to be on the brink of a bullish breakout.
In recent days, Square, which is owned by the billionaire founders of Twitter, has allocated 1% of its cash reserves to the cryptocurrency, whilst a former Goldman Sachs hedge fund chief says the price of Bitcoin will jump to $1m in five years.
Mr Green comments: “There’s been something of an avalanche of interest in Bitcoin in recent weeks from household-name investors.
“Investor activity is picking up considerably with various on-chain metrics and ongoing – and heightening – global political, economic and social turbulence suggesting that there will be a price surge before the end of the year.
“Like gold, Bitcoin can be expected to retain its value or even grow in value when other assets fall, therefore enabling investors to reduce their exposure to losses. Investors will increase exposure to decentralized, non-sovereign, secure digital currencies, such as Bitcoin, to help shield them from the potential issues in traditional markets”.
He continues: “There’s a growing sense that we’re set to experience a mini-boom similar to that at the end of 2017.
“Prices are yet to catch-up with investor interest – but this is only a matter of time as investors will not want to sleepwalk towards perhaps year-high prices in the run-up to the end of 2020.”
The late 2017 bull run saw the Bitcoin price reach its all-time high of $20,089.
According to Coindesk, the highest price never crossed USD20k. It shows the highest point in the BTC Price index at $18984.17 USD in December 2017².
Here is a reference to the historical Bitcoin Currency Price Index, also referred to as BTC Price Index³:
The deVere CEO concludes: “There’s been a notable ramping-up of interest in Bitcoin amongst investors since the end of summer. Indeed, it has been the best performing week for one of the year’s best-performing assets since July.
“I can see no reason why this upward trajectory will not continue between now and the end of the year.”
Globally, the bitcoin price is evaluated in US Dollars. However, cryptocurrencies exchange also provide transactions to switch USD base to other currencies – Euro, British Pounds, Japanese yen, and Russian Roubles.
1 – Statista
2 – Coindesk