Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
A long list of factors means Bill Barhydt is now more optimistic about price rises than at any time in the past five years.
The co-founder and CEO of one of the best-known Bitcoin (BTC) companies has revealed he is at his most bullish on the largest cryptocurrency in five years.
In a series of tweets on Oct. 6, Bill Barhydt, the CEO of payments gateway Abra, highlighted a large number of indicators suggesting incoming BTC price gains.
“I’ve never been this excited about the potential of #Bitcoin for significant price appreciation in the short term (less than 18 month time frame.),” he summarized.
Bitcoin has spent the past few weeks in a consolidatory pattern after hitting highs of $12,500. While short-term price prospects look underwhelming to analysts, others say that network fundamentals and long-term behavior are as bullish as ever.
For Barhydt, even current action is a cause for optimism.
The long term price chart is showing a super bullish descending triangle (continuation) pattern off the Jan 2018 highs.
— Bill Barhydt (@billbarhydt) October 6, 2020
That perspective chimes with others from this year, notably Credible Crypto, who in May argued that BTC/USD had been consolidating ever since its all-time highs in 2017.
The outlook, Barhydt added, was for a retest of those $20,000 highs to spark even higher levels by default.
“The network effects of a run to $25k #Bitcoin would likely cause a run to $50k and beyond,” he wrote.
BTC/USD one-month chart. Source: Coin360
Bitcoin price stars align
Away from price, Barhydt noted inflows from the stablecoin Tether (USDT), now with a market cap of $15 billion.
The support of major companies and even recent endorsement from Chinese state media further buoyed his mood. As Cointelegraph reported, various publications last month described cryptocurrency as 2020’s best-performing investment.
Concluding, he said that conditions were more skewed to the upside now than at any time since the days long before the 2017 bull run.
Bottom line... I haven't been this bullish on short term price appreciation for #Bitcoin since 2015.
— Bill Barhydt (@billbarhydt) October 6, 2020
A later tweet added a caveat that BTC/USD could still drop to $5,000 and never reach $100,000.
Price expectations remain subdued this month thanks to Bitcoin’s continued correlation to macro markets, notably indices such as the S&P 500 and gold.
United States President Donald Trump’s recent brush with coronavirus served to underscore the relationship, with BTC/USD dropping from just under $11,000 to lows of $10,390. At publishing time, the pair is trading at $10,600.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.