According to the renowned Bitcoin and cryptocurrency analytics company Skew Markets, as the year progresses and Bitcoin (BTC) continues to trade around $10,000, the probability of BTC reaching $20,000 by the end of the year will drop to 7%. Skew Markets paints a pessimistic picture for investors with its BTC prediction.
Master analyst: Bitcoin is 7 percent likely to see $20,000 this year!
Bitcoin has had a positive year in terms of price volatility. The cryptocurrency has risen by more than 200% since returning in December 2018, and bitcoin’s price has remained close to $10,000. Many investors think the cryptocurrency could continue to grow before the end of this year. For example, DeVere’s CEO Nigel Green thinks the digital currency will reach $15,000 in the near future. According to cryptocurrency analytics company Skew Markets, however, there is a 7% chance that Bitcoin will reach $20,000 by the end of this year. On Twitter, Skew Markets said:
OPTIONS SUPPORTED THE POSSIBILITY OF CLOSING 20 BILLION SYMBIONTS. NOW 7% according to YE, WHICH COLLAPSED GRADUALLY OVER TIME. PLANT MONTH SHOULD BE THE MOST IN-THE-FIRST MONTH FOR BITCOIN, WHICH HAS TWO ETF APPLICATIONS REVIEWED BY THE SEC.
As the analyst noted in his tweet, October can be a very interesting month for Bitcoin. After many unsuccessful attempts, this could be the month a Bitcoin ETF was first approved by the U.S. Securities and Exchange Commission (SEC). Currently, the United States regulator is currently reviewing two ETF applications.
October can be a very interesting month for Bitcoin
Larger investors are having some problems dealing with cryptocurrencies and investing in the cryptocurrency market. With an edited ETF, larger companies can enter the market and help increase the price of digital currency. One of the SEC’s main concerns is the lack of liquidity in the market and how stock markets are currently creating fake volumes to attract more users to their platforms.
According to CoinMarketCap, bitcoin is trading at around $10,164 at the time of writing this article and has a market value of $182 billion, although earlier this year, Dan Morehead, CEO of Pantera Capital, predicted by the end of 2019. He said it would bring Bitcoin closer to $42,000.