Grab your party hats, everyone. Bitcoin’s going to $20,000!
How many times have we heard that one before? Let’s be honest, there’s someone who’s always going to say Bitcoin is going to break $20,000. Then $50,000, then $100,000, and so on. But crypto investor and podcast host, Trace Mayer, believes that Bitcoin could topple the $20,000 mark by as early as December of this year. But is there actually any validity to this claim, or is it another case of crypto being overhyped?
Well, billionaire and bitcoin supporter Mike Novogratz seems to agree. In a recent interview on Bloomberg, Novogratz admitted that he believes Bitcoin will experience another massive breakout after a round of corrections that could keep the coin between the $10,000-14,000 price range. Novogratz went on to say that he won’t be selling any bitcoins the next time it hits $14,000 and that he predicts Bitcoin to zero in on the $20,000 mark somewhere near the end of the fourth quarter.
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But does this really mean Bitcoin is heading for $20,000 before the end of the year? Nobody knows. We’ve heard this same song and dance back in 2017 and we all know how that ended. With that said, Bitcoin absolutely has the potential to break $20,000, especially now that Facebook has tossed its hat in the ring, which has helped further legitimize currency.
Ultimately, there’s no reason to believe that Bitcoin won’t hit $20,000 at some point, whether it’s five months down the line or in a couple of years from now. If you’re sitting on a wallet full of bitcoins, there’s no reason why you shouldn’t wait until it eventually reaches $20,000. And if you’re looking to get in, now’s still a good time while it’s in the $11,000 range. In other words, it’s a solid long-term investment. But if you’re looking to make a quick fortune speculating on Bitcoin’s short-term performance, you’re playing a dangerous game.
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