The Bitcoin price posted a all-time high near $20,000 last week, and profit-taking allowed a move back to $17,569 with a series of lower highs. However, yesterday’s push higher and today’s extension led to a break of the descending trend line (the purple line).
The bitcoin (BTC) price continues to rise over the last 24 hours to allow a break of the consolidation model near the highs.
billionaire investors Tyler or Cameron Winklevoss said this year’s bitcoin frenzy was very different from its previous rallies because this time it involved the most sophisticated set of investors.
The BTC buyers are now most likely to use this momentum to try and push the price above $20,000, with $20,080 being the first target on the upside, followed by $20,400.
But Tyler Winklevoss had a different opinion, arguing that it wasn’t retail that boosted Bitcoin that time.
The renowned hedge manager and investor Paul Tudor Jones said that BTC has much more to reach, as it is still in its “first inning.” Last week, Bitcoin touched a new all-time high, breaking its 2017 record. According to some analysts, the recent rally was fueled by retail speculation.
There are, however, other notable investors who disagree. Last month, billionaire hedge fund manager Ray Dalio said he did not believe Bitcoin was a store of value due to its high volatility.
He indicated that these sophisticates investors believe Bitcoin could eclipse gold and become a store of value to hedge against inflation.
The bitcoin rally this year is different from previous uptrends because expert investors were involved in them, according to crypto investors Tyler and Cameron- Winklevoss.