It’s the end of the month, monthly review time for Bitcoin (BTC): September was not famous, but it’s not much of a surprise. Will Bitcoin really be able to climb to $ 20,000 by the end of this year 2020? Not without a boost from the dollar.
Bitcoin will not do without the FED
Michael van de Poppe shared his analyzes on Cointelegraph today, as to how the BTC could reach $ 20,000 or even $ 100,000.
According to van de Poppe, only a weak dollar can grow Bitcoin to new heights.
He returns in particular to the crash of Bitcoin in March 2020, as demand for the greenback exploded following the sudden impact of the COVID-19 pandemic on the global economy.
The dollar then devalued day by day, allowing Bitcoin to rally 185% since Black Thursday.
The greenback regained its colors in early September 2020, while Bitcoin experienced large red candlesticks during this month.
Van de Poppe also indicates that the highest of Bitcoin in the past happened around bearish cycles of the dollar.
In 2017, the uncertainty and instability of the dollar allowed Bitcoin from $ 1,000 to $ 20,000.
Van de Poppe believes that a Bitcoin 6 digits is possible if the dollar continues to weaken in 2021. We therefore expect the FED do its job: depreciate the USD in times of crisis, to explode Bitcoin.
A classic September review for Bitcoin
The BTC climbed to $ 10,870 today and then got kicked out of it. It dropped back to the $ 10,685 level, before rising to its current level.
Bitcoin is trading at $ 10,790 as of this writing. The bulls are currently defending support at the $ 10,700 level.
Bitcoin will close this month with a red candlestick without surprise, the BTC never having liked the month of September. The BTC had opened the month to over $ 11,670 and will end it below $ 10,800, with a monthly loss of around 7.5%.
October 2020: fall below $ 10,000, hello $ 12,000 again or a consolidation record to be set? The US presidential elections are fast approaching, that should be enough to draw nice volatility on the daily or weekly charts of BTC / USD.
Litecoin, welcome in the Silver Age