Quick take:
- Veteran Bitcoin analyst, MagicPoopCannon, believes that once Bitcoin rises above $14k, it will challenge $20k next
- His analysis was a few hours before Bitcoin set a 2020 peak of $13,498 – Binance rate
- Bitcoin is currently ranging between $13,300 and $13,400 and is only a few hundred dollars away from $14k
- Bitcoin might go for the home-run above $20k before the year is over
Veteran Bitcoin analyst, MagicPoopCannon, has provided a brief analysis of Bitcoin’s current push above $13k. According to Magic, if Bitcoin retests $14k and claims it as support, BTC will definitely challenge $20k. Additionally, Magic has forecasted that Bitcoin might be well on a path to hit the range of between $65,000 and $80,000 by mid next year.
Below is the tweet by Magic providing a brief analysis of Bitcoin and what the future holds for BTC.
If BTC rises above 14,000, it will challenge the all time high at 20,000. If that is broken (which I believe it would be) we could see BTC hit 65,000-80,000 by mid 2021.
— MAGIC (@MagicPoopCannon) October 27, 2020
Bitcoin Sets a 2020 Peak of $13,498
Magic’s comments on the future value of Bitcoin, were made a few hours before BTC breached $13,100 with enough momentum to post a 2020 peak of $13,498 – Binance rate. Bitcoin has since cooled down a bit and is currently oscillating between $13,300 and $13,400 in a move that hints of consolidation in anticipation of another move up.
If the latter occurs, Bitcoin will only need to move between $600 and $700 to reach the anticipated price ceiling of $14k. This means that the analysis by the team at Bloomberg a few days back was accurate in the sense that it predicted Bitcoin would retest $13k and possibly $14k by the end of the year. The analysis also gave a bullish 2025 Bitcoin price prediction of $100,000.
Bitcoin Could Keep Moving Up Thanks to News of JP Morgan Coin
In terms of fundamentals that might continue to drive Bitcoin in the hours and days to follow, J.P Morgan announced that it had successfully launched its JPM Coin. According to CNBC, JPM Coin was used this week, commercially for the first time to send payments across the world.
The bank’s global head of wholesale payments, Takis Georgakopoulos, explained that the time was nigh to venture into blockchain technology for the settlement of payments.
We are launching Onyx because we believe we are shifting to a period of commercialization of those technologies, moving from research and development to something that can become a real business.
Back in 2019, the J.P Morgan team announced they were working on a USD-backed digital asset to remove the pain points of traditional payment settlement methods such as time, costs and security. JPM Coin is thus a stablecoin backed by an industry leader. This means the adoption of the digital asset will be quick within the J.P Morgan network of banks and clients. This in turn means that additional banks and payment providers will eventually see the benefits of blockchain technology and Bitcoin.
