Bitcoin Has Highest Monthly Close in History
After setting new all-time highs on multiple crypto exchanges on Monday (November 30) and closing the month at the highest ever price level, at least two crypto analysts now expect the Bitcoin to reach $25,000 by year end.
According to the CryptoCompare index (which takes the average of the Bitcoin price across multiple exchanges), the Bitcoin price reached the intraday high of $19,850 at 15:10 UTC on November 30, which was just $20 shy of Bitcoin’s all-time high (ATH) of $19,870, which was reached on 17 December 2017.
However, since different crypto exchanges have their own idea of what the ATH price is, various exchanges conider that Bitcoin surpassed its ATH price yesterday.
In fact, the Binance CEO was so excited about Bitcoin’s price setting a new ATH yesterday that he sent out the following tweet to make fun of those weak hands that had their BTC holdings:
Amid all the confusion, Sam Bankman-Fried, the CEO of crypto exchange FTX, said that the real new ATH price should be at least $20,000 (presumably to avoid all uncertainty):
Last Sunday (November 29), crypto analyst Lark Davis said that a record monthly close is significant because the last two times that Bitcoin had a monthly close that was higher than the previous ATH price, it “mooned super hard.”
Of course, everyone is in agreement that one of the main drivers for the current Bitcoin bull run has been the increasing amount of interest from institutional investors and high net worth individuals.
Yesterday, Michael Sonnenshein, the Managing Director at Grayscale Investments (which is one of the largest buyers of Bitcoin) suggested during an interview with Melissa Lee on CNBC’s “Squawk Box” that the current Bitcoin bull ran is far from over:
CNBC also interviewed Tyler Winklevoss, Co-Founder and CEO of crypto exchange Gemini and his twin brother Cameron Winklevoss yesterday, who explained why they expect the price of Bitcoin to reach $500,000 or more within the next decade.
Their comments about Bitcoin came during an interview with Seema Mody and Andrew Ross Sorkin on CNBC’s “Squawk Box”.
Mody started by asking Tyler what the twins have been doing during the past eight months while Bitcoin has been experiencing a “meteoric” price increase.
“So we’ve just been HODLing. Our thesis is that Bitcoin is gold 2.0 and it will disrupt gold. If it does that, it has to have a market cap of $9 trillion. So we think Bitcoin could price one day at $500,000 a bitcoin. So at $18,000 Bitcoin, it’s a HOLD or at least if you don’t have any, it’s a BUY opportunity because we think there’s a 25x from here.”
Earlier today, the Binance CEO made the following “price prediction” for Bitcoin:
Simon Peters, a crypto analyst at social trading platform eToro, said in a note shared with CryptoGlobe:
“Bitcoin’s upwards trajectory continues to excite investors. We have seen a 66% increase in the number of people holding a bitcoin position on eToro today, compared with the last time the crypto’s price hit an all-time high in December 2017…
“Whilst this meteoric rise does look similar to the run of 2017, there are some fundamental differences which indicate bitcoin could go higher still.
“Firstly, it isn’t just the average person on the street buying bitcoin. Larger investors, such as pension funds and hedge funds, are investing in crypto with many seeing it as a hedge against inflation.
“Secondly, the demand continues to outweigh the supply, with investors looking to hold onto their bitcoin.
“For these reasons, bitcoin could continue to climb this year. If we maintain the current rise, then $25,000 before the start of 2021 is on the cards. There will be some selling at $20,000, and this could see a short move backwards. But if bitcoin shrugs off this selling and continues rising, then New Year’s Eve at $25,000 is there for the taking.”
And even Macroeconomist and crypto analyst Alex Krüger, who rarely offers price predictions for Bitcoin on Twitter, seems convinced that Bitcoin’s price is on its way to reaching $25,000 before the end of this year.