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Bitcoin Could Reach $5 Million while the Immediate Target is $20,000, says Prominent Crypto Analyst

Prominent Crypto analyst and YouTuber named Carl the Moon, expects the price of Bitcoin could reach $5 million. In the short-term, he predicts $20,000 for the top digital asset.

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In an interview with Coin Post, Carl argues that the value of the current currency supply is $100 trillion. If the money pool of fiat is overcome by Bitcoin, then its price could easily reach $5 million after taking control of the fiat market cap.

Bullish Scenario for Bitcoin

According to him, Bitcoin is bullish more than ever as there are some reasons behind it. Central banks have broken records of printing cash. And this is the exact moment Bitcoin is looking for. The world’s leading digital currency is going to catch $20,000 soon.

Carl propagates that holders of Bitcoin will gain exponential returns as Bitcoin is the best performing asset over the past decade. And it will continue to flourish in this decade also. But he has some reservations about traders. 80-90% of traders will likely lose money over time because they are not yet experienced in trading BTC.

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Short-Term Projection

Bitcoin is currently in a bullish state, claims Carl. But in order into a big bullish cycle, it needs to break $14,000 first. After breaking this level, the big bullish trend will start, and it will then easily mark $20,000. If Bitcoin retains its position over a 20-weekly moving average, the price will break above $14 before April 2021. So, the level $14k means a lot for Bitcoin, he concludes.

The volatility of the top digital asset has decreased significantly since last months as it is trading between $10,000 and $11,000. Bitcoin tried to surpass $11,000 last week but then dropped to $10,400 following the BitMEX’s attack by CFTC and Trump’s COVID positive test.

After plummeting to $10,400 it then again claimed $10,500 level. According to crypto experts, $10,500 is a key level that can be worked as a strong support level for BTC price. If it breaks, the price can towards $10,200 and then to a psychological level at $10,000. However, the current situation of Bitcoin is unpredictable.

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Hassan Mehmood (Saudi Arabia)

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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