If Bitcoin breaks the $19,600 level, it could rise to $21,000\u2013$22,000. This was stated by the well-known trader Tone Vays during the online conference ‘Bitcoin 2020: New Horizons’ on ForkLog’s YouTube channel.<\/p>\n
Vays initially expected that after a month of steady gains Bitcoin would briefly pull back.<\/p>\n
\n\u201cThe daily and weekly charts show healthy upside. But, judging by the monthly chart, I expected that this week we would reverse and move a bit lower,\u201d the trader said.<\/p>\n<\/blockquote>\n
He said he exited his Bitcoin positions two weeks ago:<\/p>\n
\n\u201cIf we don\u2019t pull back, I\u2019ll have to re-enter. I think this will happen around $19,700.\u201d<\/p>\n<\/blockquote>\n
He noted that the ongoing quarantine due to the coronavirus pandemic, the rising issuance of dollars, and institutional buying of Bitcoin are creating a favourable backdrop for a further bullish rally.<\/p>\n
\n\u201cThe pandemic helps Bitcoin, because more money is being printed, more people hate the government, more companies look for ways to hedge risks. Already 30% of people in the world have lost their jobs,\u201d he explained.<\/p>\n<\/blockquote>\n
But a further deterioration in the economy could change the situation:<\/p>\n
\n\u201cIf people have nothing to eat and cannot pay the rent, they will sell Bitcoin. Why own Bitcoin if you cannot leave your home and there are no flights out of your country? Why be rich in a basement?\u201d<\/p>\n<\/blockquote>\n
Earlier Andrey Velikiy stated<\/a> that altcoins are good to trade when Bitcoin is flat.<\/p>\n
Join the conference ‘Bitcoin 2020: New Horizons’ right now:<\/p>\n