After Bitcoin Breaking $14k, is a $20k Bitcoin Next?

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Last Updated on 5 November 2020 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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The most popular cryptocurrency Bitcoin once again demonstrated it’s dominance in the cryptosphere when it broke major news headlines and a fresh 2020 record by leaping well over $14k in the early hours of Thursday morning Central European Time. At the time of writing, Satoshi Nakamoto’s invention is trading near $14,300.

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Is $20,000 next?

Last month, Fairlead Strategies founder Katie Stockton claimed in a note to investors that Bitcoin was bound to head for the 2018 high of $20,000 (last reached in January of that year), if it would indeed be able to break above $14,000. With all the reminiscence of the 2017-2018 Bitcoin bull run coming back in view, we take a look at what caused this massive upswing of the past week.

Already in the past few weeks, the news that both Square (led by Twitter CEO Jack Dorsey) and PayPal (co-founded by Tesla CEO Elon Musk) were making inroads towards crypto trading and Bitcoin in particular, made sure that the Bitcoin price rose from $10 to $12k.

Furthermore, the election uncertainty in the world’s biggest investor market, the United States, made sure that a decoupling could be seen in industrial and tech stocks over the past few days. Tech rallied whilst old industry sold off. Together with tech, Bitcoin also rose, taking it since this morning well over $14k.

The headlines that will go with it can probably attract even more investors in the coming days and thus the question that all crypto enthusiasts are now asking themselves is: will Christmas come this year with a $20k Bitcoin price?

We’ll have to wait and see.