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Bitcoin on a roll: reaches new 2020 high of $17,000

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Source: Pixabay

Over the past few weeks, Bitcoin has been leading the crypto rally and is continuing to do so. The world’s largest cryptocurrency has returned to another new high of 2020, as it finally breached the $17,000-mark across some major crypto-exchanges. In the last hour alone, Bitcoin hiked by over 2.2%, on the charts. Additionally, BTC was up by 4.17% and 8.11% on the daily and weekly timeframes, respectively.

Source: TradingView

The upward trend could be a result of PayPal’s latest decision to make cryptocurrency trading active for all users. However, the rally has also left many wondering if bitcoin’s price will only continue to rise.

However, the Founder and CEO of Token Metrics, Ian Balina, expects a bitcoin price correction by the first week of December. Based on his company’s research, Balina said in a release emailed to AMBCrypto:

BTC is performing better than expected. While still bullish long-term due to macro-economic factors and large corporations getting into crypto, we expect BTC could correct back to around $14k by the first week of December.

Balina also believed that for the rest of 2020, investor’s attention will be on BTC rather than altcoins. Predicting future market trends, the CEO said:

If another lockdown were to occur, it could be detrimental to investors unless accompanied with a stimulus package and quantitative easing. Printing more money will lift markets and investors appetite to speculate. The new Biden administration won’t do this for a while and it will be difficult on the economy when people are out of work.

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Alisha is a full-time journalist at AMBCrypto. Her interests lie in blockchain technology, crypto-crimes, and market developments in Africa and the United States