According to financial advisor and investor John Bollinger, bitcoin is likely to continue growing throughout the rest of the year. However, he’s uncertain about the $14,000 – $15,000 prices that many other traders and investors appear so confident in.
John Bollinger: $14,000 May Be Out of the Question
In a recent interview, he commented about what route he saw bitcoin potentially taking in the final two months of 2020. He says:
The real thing is – can we clear this $14,000 level which is so psychologically important now because it’s exactly where the rally stopped in June of 2019, just shy of $14,000… I’m constructive on bitcoin at this moment. I’m not an outright screaming bull, nor am I a bear.
Interestingly, the bitcoin market did reject this very price just a few days ago, and briefly, bitcoin was trading back in the high $12,000 range following a bit of a drop, thereby showing that Bollinger just might know what he’s talking about.
It’s been a strange year for bitcoin. Nobody can deny that, and yet it’s impossible to say that it hasn’t been a solid year in many ways. The currency – despite all the news of the pandemic and the frailty of the American economy prior to October – has managed to remain in five-figure territory for roughly four months, now.
The currency first moved past the $10,000 line in February, though things took a nasty turn a month later and bitcoin ultimately lost about $6,000 off its price. The asset managed to recover to $9,000 in May but would not hit $10,000 until July after more stimulus talks began permeating the walls of Congress. From there, the asset would remain above $10,000 and never drop again.
One thought is that this is because 2020 is an election year, and that bitcoin is preparing itself for a presidential rally of sorts, though Bollinger doesn’t think this is the case. Uniquely, he doesn’t believe the presidential election is likely to make bitcoin swing either way. He comments:
I don’t think the election is really going to impact bitcoin one way or the other. Far more important is to look at important corporate adoptions.
Markets Won’t Show Sway
In addition, he doesn’t think the election is likely to have any serious effect on mainstream markets, further stating:
I suspect that for the traditional markets, the election itself is going to be pretty much a non-event. That is, we’ve built in such a tremendous level of emotional involvement going into the election, I think that whatever the results are, that could actually be a bit of a letdown, at least for some people, and I think that the traditional markets are actually going to be either flat or higher coming through the election cycle. I am not one of these people that’s forecasting doom and gloom in relation to the election or any events that may occur after the election.
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