Bitcoin just reached its highest point since 2018, and some analysts believe it will surge to new all-time highs in the near future.
Crypto investment analyst Teeka Tiwari predicts bitcoin will reach $60,000 or $70,000 “a lot sooner than most people realize.”
In a recent Zoom call with Chris Lowe of Legacy Research Group, Teeka specifically predicted bitcoin growing as high as $60,000 or $70,000 USD.
Although Teeka did not issue a timeline for his prediction, Teeka insisted we’ll see cryptocurrencies with “multitrillion-dollar market caps” within the near future – similar to how stocks like Amazon and Apple have multitrillion-dollar market caps today:
“You will see cryptocurrencies with multitrillion-dollar market caps – like how you now see stocks like Amazon and Apple with multitrillion-dollar market caps.”
Teeka made the prediction back in August when bitcoin was hovering between $10,000 and $12,000.
Over the last few weeks, bitcoin has surged to recent highs, reaching as high as $13,793 on October 27. Although the price has retreated slightly in recent days, some are calling for bitcoin to reach a new all-time high before the end of 2020.
Teeka deliberately did not put a timeline on his prediction, stating that he did not want to get backed into a corner – similar to how other cryptocurrency ‘gurus’ have looked foolish when their price prediction dates have come and gone:
“I’m not going to paint myself into a corner and say when. But it will happen a lot sooner than most people realize.”
2020 has been an uncertain year for everything, but bitcoin has remained relatively steady throughout the year. The world’s biggest cryptocurrency has continued to slowly accumulate market cap throughout the year.
While some believe there will be a correction before the end of this year, others believe bitcoin will surge. We could see a tumultuous end to 2020. With the US presidential election and uncertain COVID-19 treatments, bitcoin could be a safe haven for investors in a world of uncertainty.
In his interview, Teeka claims we’re in “maybe the second half of just the first inning of this bull market.” As much as bitcoin’s price has surged in recent months, Teeka believes this is just the first 10% of the bull market – with the remaining 90% surge still to come:
“We’re in maybe the second half of just the first inning of this bull market. You’re going to see bitcoin reach $60,000 or $70,000.”
Why Bitcoin Could Surge to All-Time Highs
There are reasons to be optimistic about bitcoin in the near future. Teeka and his team have collected all of the following evidence showing the long-term viability of bitcoin and digital currencies in general:
Fidelity (one of the world’s largest asset managers), Intercontinental Exchange (ICE, the owner of the New York Stock Exchange), and JP Morgan Chase (one of America’s largest banks) are creating crypto products and services for clients.
Walmart, Visa, IBM, Citigroup, and UPS are adopting blockchain technology, using it to track supply chains and cross-border transactions.
Billionaire hedge funds are allocating a portion of their portfolios towards bitcoin, and a growing number of asset managers recommend putting a slice of your portfolio into alternative assets like bitcoin.
The Department of Defense, the Secret Service, and NASA work with blockchain technology for national security and space exploration.
The central banks of China, Sweden, and France are exploring the launch of their own digital currencies called Central Bank Digital Currencies (CBDC) that could change the future of national currency as we know it.
It’s not all good news for crypto, however. On October 30, bitcoin abruptly dropped 4% as Bank of America predicted a 20% market crash. The Dow Jones Industrial Average has declined 7.55% since October 12, and some suggest this winter will be the end of the market’s historic bull market – leading to uncertain times for bitcoin.
Of course, critics argue that uncertain times lead to a surge in bitcoin prices. Bitcoin delivers that coveted ‘alpha’ investors seek. Bitcoin rises or falls on different factors than traditional markets, and it’s not tied to the economy of any specific country.
Teeka first approached the Legacy Research Group team back in 2016, advocating for them to cover cryptocurrencies.
Clearly, Teeka believes bitcoin’s brightest days are ahead. Stay tuned to see if bitcoin reaches $60,000 to $70,000 within the near future.
The long time bitcoin advocate is also hosting an upcoming event on Wednesday, November 11, 2020, at 8 PM ET called Teeka Tiwari’s Crypto Catch-Up event. The Crypto Catch Up webinar hosted by Palm Beach Research Group’s Teeka Tiwari will be referred to as ‘The Last Chance To Get The Life You Want,’ where the cryptocurrency countdown will take place.
During the Crypto Catch Up event by Teeka Tiwari, Mr. Big T, or The Crypto Oracle, will be revealing his top coin pick for 2020 along with five additional coins that he believes are destined and due to post great gains in the coming months and years ahead. The event is absolutely free to sign up and watch, giving highly educational materials for anyone who attends and watches the live in-person summit.
Again, The Crypto Catch-Up: Your Last Chance to Get the Life You Want event with Teeka Tiwari is the latest and greatest offering from one of America’s most trusted crypto analysts, having been recommending Bitcoin when it was $429 BTC/USD and Ethereum at $9 ETH/USD all the way back in 2016. The new crypto event is on Wednesday, November 11th, at 8 PM ET and is a must-see actionable event that will provide invaluable insights and analysis, along with Teeka Tiwari’s top crypto coin ticker symbol to buy right away just for signing up today.
Author: Andrew Tuts