According to leading analyst Katie Stockton, founder and managing partner of Fairlead Strategies, Bitcoin might increase to $36,000 from its current trading price of about $30,674.90.
This daring forecast was made while participating in a segment on CNBC’s “Squawk Box,” despite Bitcoin’s meagre seven-day gain of just 0.7%.
As a key clue of this probable surge, Stockton points to the recent base breakout on Bitcoin, which took place before a comparable breakout on the equities markets.
She also mentioned a drop in the volatility index, which she feels signalled the recovery of the share market and Bitcoin.
Stockton’s forecast follows a wild year for Bitcoin, which has persevered despite the volatility in the world economy. The leading cryptocurrency started moving upward after pulling back into the $25,000 support region and has since displayed signs of a bullish trend.
Stockton claims that this pattern might result in a huge increase in Bitcoin’s market valuation, which is now estimated to be $595 billion.
Stockton discussed the performance of the equities market at the “Squawk Box” interview and emphasised the relationship between Bitcoin and the stock market.
The S&P 500 breakthrough in mid-May and the corresponding surge on the NASDAQ confirmed the interconnectedness of the financial markets by mirroring the Bitcoin trend.
