Prices of the leading cryptocurrency rose above $15,200, setting a new local high. Bitcoin traded at that level in January 2018.
Source: TradingView.
On October 31, the leading cryptocurrency breached the $14,000 level, but could not sustain above the psychological mark.
The $13,000 level Bitcoin surpassed on October 21.
Blockstream CEO Adam Back noted that Bitcoin rose by $1,000 over the past 24 hours.
another $1k 📈 #bitcoin green 🟩candle day pic.twitter.com/ZC8c9DMlO0
— Adam Back (@adam3us) November 5, 2020
Analysts from the analytics service Sqew compared Bitcoin’s returns with macro assets popular among American investors. Since the start of the year, the cryptocurrency has risen 106.9%, gold, with which it is often compared, has risen 25.15%.
Source: sqew.
Analyst PlanB noted that the RSI indicator’s chart resembles its movement during Bitcoin rallies in 2013 and 2017.
I have seen this show before 😎 2012/2013 and 2016/2017 pic.twitter.com/tRGPDJ1ffR
— PlanB (@100trillionUSD) November 5, 2020
On November 4, the volume of Bitcoin futures trading surged, reaching $26 billion per day, according to skew.
Source: skew.
Bloomberg Intelligence’s chief commodities strategist Mike McGlone thinks that the fair price of the first cryptocurrency is $15,000.
In his view, in 2021 Bitcoin may expect a ‘parabolic’ rise in line with price surges in 2013 and 2017.
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