Mark Newton, an analyst and trader and founder of Newton Advisors, believes that the “bullish rally” in Bitcoin may stall as early as 2021.
On CNBC’s Trading Nation, Newton noted that the charts show an increase in interest in bitcoin, especially from institutional investors, but he expects the first cryptocurrency to consolidate early next year:
“The charts show continued growth in the medium term, especially since Bitcoin has just reached new highs. But I expect the next peak of growth to be reached in early January 2021. Every time the exchange rate rose strongly at the end of the year, it fell rapidly. I think investors will still have the opportunity to buy cryptocurrency at a lower price. ”
Newton stressed that he will be looking for opportunities to sell his cryptocurrency holdings in the coming weeks.
BK Asset Management trader Boris Schlossberg also supported the colleague. He noted that the rate of the first cryptocurrency may well reach $ 50,000, but BTC buyers need to be prepared for very strong volatility.
Earlier, researchers at the investment bank JPMorgan said in a regular report that the rate of the first cryptocurrency could eventually reach $ 650,000.
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