Crypto Weekly: Bankers Believe in Bitcoin; Bitcoin is Preparing to Take an All-Time High
Tags: Gold, Bitcoin, Cryptocurrency, Trading, Crypto

Bitcoin continues its autumn rally, and has gained 15% over the past week. Bitcoin’s price went from $16,000 at the beginning of last week, to $18,500 at the moment of this writing. At the same time, Bitcoin set a new annual high at $18,965 over the weekend. Volatility has increased significantly and is $1,000 per day, while the trading volume has increased to $ 42 billion per day.

This rally did not go unnoticed by large banks and investors. The managing director of one of the world’s largest banks, Citibank, expressed the opinion that by the end of 2021, the price of Bitcoin will be $318,000. According to him, Bitcoin will become “the digital gold of the 21st century”.

In a similar vein, the investment director of BlackRock, which manages assets worth $7 trillion, spoke out. He said that Bitcoin could replace gold. The main factor behind this is that this digital asset has a reliable mechanism that is much more functional than a gold bar.

Ray Dalio also changed his mind. He admitted that he may be wrong about the prospects for Bitcoin and may not understand something.

At the same time, it became known that the total value of crypto assets in Grayscale Investments exceeded $11 billion. Of these, 85% or $9.66 billion is Bitcoin. The fund’s managing director followed the words of previous investors this week and said Bitcoin is the new gold.

It also became known that one of the richest people in Mexico, with a fortune of $11.7 billion, invested 10% of his portfolio in Bitcoin. He noted that paper money is worth nothing, so it is worth diversifying your portfolio wisely.

From the news from crypto companies, it should be noted that the founder of OKEx was released from arrest, under which he was imprisoned on October 16th. The OKB token price almost instantly reacted to this with a 15% increase. Recall that due to the arrest, the withdrawal of funds from the exchange was blocked. The exchange now promises to resume all operations until November 27th.

The second big news comes from Binance. The exchange’s management has filed a lawsuit against Forbes over defamatory statements. Earlier in this publication, material was released, which stated that Binance was deliberately bypassing regulatory measures in the United States. The exchange itself claims that the main facts of this document were fabricated and are libel.

The week was very busy in terms of news and especially in terms of forecasts. Many well-known personalities, investors and entrepreneurs spoke out in support of Bitcoin, which partially led to a new round of growth of the first cryptocurrency.

Bitcoin

Bitcoin continues to move in an ascending channel and clearly works out the zones. It reached the upper border of the channel, then went down to the middle line. It could be in a flat for some time, during which it will go down to the range of $17,600 — $17,900. Even after that, Bitcoin will go to establish new highs, and with a high degree of probability of breaking through $20,000.

However, this does not mean that the price will fly even higher after a new historical high is established. Most likely, it is after this, that we will see a strong correction of 20% -30%, with a possible transition to a downtrend. This week we are expecting a new growth spurt that will bring new people into the market.