Infotech

Bitcoin and cryptos seized by the madness of grandeur



Posted on Dec. 2020 at 7:30

From record to record. Bitcoin, which blithely passed the $ 20,000 mark at the end of the year (with a peak of $ 24,273) continues its crazy course. The most famous crypto-asset was already prancing at a breakneck pace of 206% per year on average since 2011. In 2020, it grew by 229%. And it remains one of the favorite bets for investors. Asked by Bank of America-Merrill Lynch, portfolio managers cite it among the three most popular investment themes currently in global markets, with the rise of US technology stocks and the decline of the dollar.

Such speculative unanimity may also augur for a correction. Over the past decade, bitcoin has risen as many times in January as it has fallen, but on average it gains 34% when it climbs and only loses 17% when it falls. It progresses in 7 cases out of 10 in February and gives way in 80% of cases the following month. Options markets estimate a one in four chance that bitcoin will hit $ 30,000 in late February, according to Skew. Willy Woo, crypto analyst, judge “Conservative” its forecast of $ 200,000 for bitcoin at the end of 2021. It does not exclude $ 300,000. An optimism shared by 2.0 strategists who see 2020 as a turning point and the crossing of $ 20,000 as the start of a new adventure.

Leave a Reply

Your email address will not be published. Required fields are marked *