Bitcoin has undergone a strong rally over the past few days and weeks. The coin is up nearly 50% in the past 30 days, making it the best-performing macro asset in existence.
Analysts remain bullish on the leading cryptocurrency due to a confluence of fundamental trends. CEO of Gemini and Bitcoin billionaire Tyler Winklevoss recently commented on this, explaining why he remains adamantly bullish on the coin.
Bitcoin Could Rocket to New Highs Soon
Federal Chairman Jerome Powell recently made his latest speech, even in the face of a contested U.S. election. Powell said that it will “take a while” to get back to pre-pandemic economic output and employment, though caveated that with his intent to support this return to stability.
Tyler Winklevoss, responding to the video, said that “this is code for buy Bitcoin.”
He is referencing the sentiment that further monetary and fiscal stimulus will drive the leading cryptocurrency higher due to the effect that would have on the U.S. dollar.
Expect New All-Time Highs Shortly
Winklevoss says that Bitcoin could set new all-time highs shortly. He commented at the end of October, prior to this latest leg higher, that the cryptocurrency is primed to breakout:
“I do think we will see an all-time-high price for #Bitcoin before 2020 is over. Even though the price has climbed from 10k to almost 14k in less than a month, it hasn’t really gone on a breakout run yet. When we start to see 3-5k surges then the bulls will be on the run.”
Many others expect Bitcoin to soon set new all-time highs. Raoul Pal, CEO of Real Vision and a former hedge fund manager, said in a tweet that since Bitcoin crossed $14,000, it could hit $20,000 by Q1 2021 at the latest.
Pal is extremely bullish on Bitcoin for similar fundamental reasons to Winklevoss, but he has added that a global push toward central bank digital currencies will send Bitcoin skyrocketing. He believes that the introduction of these digital currencies will drive Bitcoin higher as it would be seen as a clear hedge against the monetary stimulus and invasions of privacy enabled by such systems.
Picture by Pixabay
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