Have the bulls truly gone? Well maybe not as looking at Bitcoin today, we can see that the price has surged by two percent, pumping the price above the $9.8k mark after it has been playing around the $9.5k arena for the past few days.
This isn’t a lot sure, but this bounce has reportedly prevented the cryptocurrency from dropping below a key uptrend and has even put it in the position to see further gains.
The former head of the Goldman Sachs hedge fund sales division in Europe, Raoul Pal, has said Bitcoin is looking like “rocket ship” that is getting ready to take off. He suggested in a recent tweet that the Bitcoin chart is clearly in a “wedge pattern” that has a “high probability of success”
Before we go any further though, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
Looking at the charts, Pal admits that it could just be a coincidence but the reality is that a recession could be round the corner. This could trigger investors to invest in bonds, diamonds, dollars and ultimately, Bitcoin.
Pal has previously said that he can bitcoin reaching $20k by the end of the year.
“I’m not selling the next time we hit $14,000. The second time we reach that level, [there may be] a move to $20,000. I don’t expect this to happen in the next few weeks: I don’t expect it to the middle or the end of the fourth quarter. But the next wave will come when the institutions — the state of X, Texas Teachers Union, and those guys — come in, and then you will see Bitcoin hit $20,000 and higher.”
It will be interesting to see how where Bitcoin ends up. For more news on this and other crypto updates, keep it with CryptoDaily!