Jimmy Song: one day Bitcoin will close the daily candle at $40,000
Bitcoin has caused the crypto space to explode with all sorts of praise after the leading cryptocurrency overcame resistance, and broke the record price (ATH) of $ 20,000 set three years ago.
Increasing recognition of BTC is driven by its cost
According to CoinMarketCap, BTC has surged wildly by more than 15.6% in the past 24 hours, and is now trading at an astounding $ 22,474. at the time of writing.
Jimmy Song, a leading Bitcoin preacher and maximalist, tweeted that this price rally caused the BTC daily candle to gain more than $ 1,900. He texted:
“The daily candle just closed at + $ 1900. That’s more than double what Bitcoin was worth 4 years ago. Someday we will see a candle with a cost of $ 40 000”.
Therefore, he suggests that the current price spike is the tip of the iceberg of what awaits the leading cryptocurrency, because there will come a time when the daily BTC candle will rise by more than $40K.
His sentiment may be echoed by the fact that institutional investors are no longer oblivious to the huge potential that Bitcoin can offer as a hedge against inflation, especially at a time when global governments are using financial initiatives such as quantitative easing (QE) to curb the economic turmoil caused by the coronavirus pandemic (COVID-19).
For example, earlier this month, institutional investors poured a whopping $ 429 million into crypto and products, with BTC taking the majority of the $ 334.7 million. This record move was the second-largest weekly inflow, after $ 468 million recorded in mid-November.
While Bitcoin continues to make history, Tyler Winklevoss, CEO of Gemini, took the time to troll crypto critic Peter Schiff, who remained adamant that the market is growing on pure speculation, driving him to frenzy.
The cost of BTC is likely to grow to 26K, perhaps to 32K, $40 thousand — outlandish
Yes, today’s growth of the Bitcoin market is historic, and it seems ready for a further breakthrough.
According to Jan Balina, founder and ceo of Token Metrics, an artificial intelligence-based digital asset research company, and his team, the next few months of 2021 should be pretty optimistic.
Balina commented on the rise in Bitcoin prices:
“This is a historic day for Bitcoin. Bitcoin has reached a new historical high, without receiving much media attention compared to 2017. As a result, the media and retail industry is about to return to bitcoin, and find much more than before: a mature and promising cryptocurrency. Bitcoin could reach $ 50,000 over the next few years or even more. Now we are officially in uncharted territory”.
As for the price of BTC, the Token Metrics team predicted possible options for the movement of the coin. The team emphasizes that the most likely price for the first month of 2021 seems to be $ 26,000, but $32K is quite possible. The price that Jimmy Song is talking about — $40 thousand — remains an outlandish scenario. But the devil may play any trick!