With Bitcoin staying above $11,000 for now, there are sentiments based on technical indicators that the coin could go much higher by the end of the year.
Investors are pondering a spike in Bitcoin futures, along with an uptrend indicated by what’s called the MVRV.
William Suberg at Cointelegraph reports this method uses market capitalization versus a metric called realized capitalization that Suberg attributes to Coinmetrics, for unique insight into possible BTC price behaviors.
Using this information, analysts cited in the article are suggesting that Bitcoin could explode to $15,000 after the U.S. election in just a few weeks.
There’s also big institutional interest driving Bitcoin enthusiasm right now.
In another Suberg story today, Tone Vays of “Trading Bitcoin” YouTube fame says he would buy despite where Bitcoin goes short-term, either buying on the dip, or buying on the breakout.
“So if I am to buy the dip, where would the perfect dip be?” Vays reportedly said. “Well, the perfect dip would be… around $11,000.”
At the same time, Mark Yusko of Morgan Creek is on record saying Bitcoin will help people to “bank themselves” and revolutionize finance in the 21st century, although his analysis does not downplay the continues utility of traditional banking.
“We will still need banks to do lending, digital currencies, or digital fiat to go along with crypto at the core,” Yusko recently explained, according to reporting by Helen Partz. “But the idea that we’re moving to a global borderless world, and nation-states will become less important, global systems will become more important, and you can be a citizen of the world as opposed to a citizen of a single nation-state.”
For reference, Yusko’s co-founder Anthony “The Pomp” Pompliano, a long-time BTC bull, has said he sees prices of $500,000 or $1,000,000 for Bitcoin on the horizon during the next few years. That’s not to wildly pump up BTC sentiment – but all of the above argues for upside potential.