Schlossberg: Bitcoin Will Definitely See $ 50k

Bitcoin Will Definitely See $ 50k

Bitcoin surpassed the $ 28k level, breaking the all-time record on December 27. On whether BTC would see a correction, some analysts also made various comments. Boris Schlossberg, speaking on CNBC, said that he believes that the price of Bitcoin will definitely see 50 thousand dollars.

Boris Schlossberg, an analyst and managing director at BK Asset Management, said on CNBC’s Trading Nation that the corporate interest in BTC bodes well for Bitcoin and believes the price could definitely go up to $ 50k. However, the expert reminded that those who want to invest in Bitcoin need to be aware of high volatility.

Continuing his speech, Schlossberg made a comparison, recalling the era of tulip madness. Analyst, used the following expressions:

“Remember the tulip madness; a tulip had become as valuable as a house. If you use such a valuation method, we can say that Bitcoin will rise to 150-200 thousand dollars. So, as many say, there is still great potential, but at the end of this path, there will also be great volatility.”

Bitcoin could see correction in January
Mark Newton, CEO of Newton Advisors, also shared some of his analysis of the price of Bitcoin on CNBC’s program. Newton said Bitcoin is looking seriously bullish in the medium term but believes it will see a correction, reaching its peak in January 2021. According to the analyst, BTC’s weekly and RSI (relative strength index) charts have seen increased interest, especially from institutional investors.

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Bitcoin searches on Google not close to 2017 level
Mark Newton also made a comment on Bitcoin searches on Google in the programme. BTC searches on Google have increased by 750% year-on-year, but there is currently no search volume close to the level in 2017, the analyst said.

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Google Trends 2017-2020 Bitcoin search chart
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