After experiencing a descending pattern for weeks, the world’s first cryptocurrency, Bitcoin price has found some relief as BTC reclaimed $20,000 level. The past couple of days have been favorable to most of the cryptocurrencies as they have seen some decent gains.
The overall sentiment around bitcoin appears to be positive, with market participants believing that the currency’s price will continue to rise.
At the time of writing, Bitcoin is selling at $20,361 with a surge of 0.76% over the last 24hrs.
Will the price of bitcoin rise or fall?
A well-known analyst, Bendik Norheim Schee, who leads the research at Arcane, has claimed that bitcoin could reach $25,000 if the currency maintains trading above the $22,500 area. Norheim portrayed his bullish stance in an interview with Barron’s, a financial news source.
Meanwhile, another analyst at Arcane, Vetle Lunde has an opposite belief as he is of the opinion that Bitcoin is set to experience massive volatility in the coming days.
The analyst claims that although the current volatility of bitcoin is at a very low level, it is expected that the currency will be affected with extreme volatility in either direction. The reason for the expectation of such volatility is the management of leverage by traders in the midst of a restricted trading environment.
Until now, the King currency has successfully managed to maintain its trade above $18,000 which indicates that the support level is strong. The main reason for Bitcoin price stepping above the $20,000 area is due to the profit pattern maintained by the US Stocks in the last two days.
Market participants now await the issuance of non-farm payroll numbers by the US Department of Labor. Non-farm payroll is one that gives data on the number of people employed in the past month and this data will affect the Fed’s upcoming rate hikes.
