Bitcoin market Update: Market researcher Tom Shaughnessy says BTC next rally to hit $20,000
|- Bitcoin last bull rally in 2017 failed to last because it was fueled by speculation.
- Tom Shaughnessy reckons that potential BTC rally to break past all-time high.
Bitcoin experienced its biggest bull rally at the end of 2017 where it hit highs close to $20,000. An analyst says that that particular bull rally was based on nothing other than speculation. However, the largest did not stay up for as it reversed the trend throughout 2018 to the extent of trading lows close to $3,000.
However, in the last four months, the entire market has been experiencing a resurgence with gains recorded across the board especially this April. A renowned market researcher claims that Bitcoin’s next rally is potentially bigger compared to the previous one. The researcher suggests that the rally will see Bitcoin break above its all-time high around $20,000.
Tom Shaughnessy, who is also the founder Delphi Digital said in a Twitter post that the incoming BTC rally unlike the previous one will last longer. He says that the potential rally will be supported by the appreciation of the technology as well as the potential services it is offering the financial sector.
“The last $BTC bull run was driven by hype around magical internet money. The next one will be driven by an actual macro based understanding of the benefits of a non-sovereign, capped, digital SoV bolstered by lightning. The next bull run will be bigger.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.