The price of the first cryptocurrency has risen by more than 80% since the start of the year. Over the same period, gold has gained 26.3%, and S&P 500 quotes have risen by 6.2%. These observations were shared by Arcane Research analyst Vetle Lunde.
2020, a decent year for bitcoin pic.twitter.com/ASxoYajsUb
— Vetle Lunde (@VetleLunde) October 22, 2020
Among the top-10 crypto assets, BTC’s momentum looks fairly modest. By comparison, since the start of the year Chainlink rose 564%, Cardano — 228%, Ethereum — 217%.
A significant correction in Bitcoin’s price currently seems unlikely. According to the Whalemap service, large levels of “whale” support are located at $12,868, $12,256 and $11,857.
Whale bubble scene has changed. New levels are marked below 👇 pic.twitter.com/WDh5XHAuno
— whalemap (@whale_map) October 22, 2020
Earlier Cane Island Alternative Advisors manager Timothy Peterson expressed confidence, that Bitcoin with a 90% probability will not drop below the $11,000 mark.
Subscribe to ForkLog’s channel on YouTube!