Bitcoin Is Now Above $20K. How Long Will It Stay There?

So, after much speculation that Bitcoin’s number would go up higher than ever before, it did. The price of Bitcoin cruised past $20,000 today to hit a new all-time high price of $20,836. 

The question: What now? 

Will BitcoinBitcoin keep going up, or is this the last few days before a crash that will wipe Bitcoin off the planet, as well as smiles off its smug-faced proponents? 

Eric Wall, CIO at crypto investment firm Arcane Assets, told Decrypt that Bitcoin’s price will go “up, like you wouldn't believe.” 

“We just crossed the previous ATH amidst intense institutional accumulation,” he said. “Weak hands had to sell off, now they're done.” It's likely we just continue upward from here,” he said. 

But how long for? “30 minutes? Forever? Who knows?” he said. “It’s uncharted territory now.” 

Pedro Febrero, an analyst at crypto research firm Quantum Economics, told Decrypt that people will start to sell lots of Bitcoin should it reach $23,000. Looking at charts that display the demand for Bitcoin at a specified price, he has concluded that the price of Bitcoin will increase until it hits $23,000.

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Then, people will sell the coin until it hits $19,500, he predicted. “We expect that the described pattern could take a few days to complete,” he said. 

Rob Viglione, co-founder and CEO at Horizen labs, is already bored by today’s record highs. “$20k as a psychological anchor for Bitcoin is already old news,” he told Decrypt, meaningful for people who were around during the bull run of 2017. 

 Bitcoin Bull Run

Bitcoin Bears Get Rekt: Shorts Suffer $450 Million Liquidation

The price of Bitcoin broke $20,000 this morning, in a sudden spike that sent its market cap past $380 billion for the first time ever. Naturally, Bitcoin believers are excited. Bears, though, are probably less so. According to data on the crypto trading platform Bybt, over $450 million in Bitcoin short positions has been liquidated over the past 12 hours. And beyond Bitcoin, over $520 million of all cryptocurrency was liquidated across the broad range of exchanges trawled by the site (these inc...

“We're past that, this is a new market cycle,” he said. The “real news,” Viglione corrected us, “is that many of the people buying today see the current price as an entry and not a mental upper bound.” 

Of course, the only way to work out what happens next is to strap yourself into the Bitcoin rocketship. To da moon?