Jason Williams of Morgan Creek Digital recently highlighted some prominent price predictions for Bitcoin.
In the opinion of Jason Williams the price of Bitcoin will reach a new historical record by the end of October 2020.
With the current historic high of $ 20,000, which was seen in 2017 and was probably the result of the 2016 halving, a new historic high according to Williams will exceed $ 20,000 and more in the next four months.
The digital asset at the time of writing was trading around $ 9,712, an active and strong resistance level since the halving of 2020. However, earlier this month, intense volatility saw the price set slightly above of $ 10,000.
The increased volatility is an indication of an increase in the daily trading volume, which is a factor considered in an impending rally. Williams’ forecast will remain valid if the asset is comfortably traded above $ 10,000 in the coming weeks. However, it will be invalidated if the asset sets below $ 8,600, which is currently acting as a support level.
In the higher period, the holders and long-term traders of the asset remain very optimistic, since the asset respected the growing exponential trend. As the cryptocurrency bubble remains behind, Bitcoin’s future price will be largely affected by positive fundamentals, rather than crazy speculation.
Bitcoin fundamentals in relation to Morgan Creek founder forecast
With several hedge funds, institutional investors are turning to the cryptocurrency market, with that the value of Bitcoin will become a more predictable and reliable trading tool.
Prior to the 2020 halving, several analysts had predicted that the market price of BTC would reach $ 15,000 to keep miners profitable. However, the asset remained traded below $ 10,000.
But William’s theory is supported by the fact that less mined Bitcoins were sold last week, according to data from ByteTree. Miners are accumulating significant sales pressure per day to keep their businesses operational, so the lack of sales pressure last week and BTC have yet to comfortably rise above $ 10,000, leaving some doubts.
With most miners based in the Asian region, where the average electricity bill is around $ 0.04 / Kwh, the break-even cost for mining Bitcoin is currently $ 5,000 to $ 6,000. Miners using the Anti-miner S9 are facing an equilibrium cost of about $ 8,206, making it a profitable business.
With all the basics in hand, the next breakout will be strong and could lead to what Williams just predicted.