Crypto Corner: Bitcoin Surge Continues as Experts Think it Could “Pull a Tesla”

Bitcoin vs Gold min 930x620 1Both gold and Bitcoin ETFs have experienced strong inflow this year

Adam Vettese (eToro) | Cryptoasset backers and analysts are increasingly divided over the outlook for Bitcoin amid the ongoing surge in its price. Bitcoin jumped above $16,000 this week amid news of another vaccine against coronavirus, this time from Moderna.

Tyler Winklevoss, CEO of Gemini and a Bitcoin billionaire, reportedly said recently that he expects to see an all-time-high price for Bitcoin before 2020 is over.

“Even though the price has climbed from 10k to almost 14k in less than a month, it hasn’t really gone on a breakout run yet. When we start to see 3-5k surges, then the bulls will be on the run,” he said on Twitter.

Economist and market analyst Alex Kruger added he thinks the cryptocurrency could end up pulling a “Tesla” like rally in the months ahead

“Been asked if there’s a level where I would significantly reduce my bitcoin exposure. There isn’t. There are levels where I would reduce exposure if intraday price action and/or funding metrics indicate may be putting in a local top. That’s about it. $BTC could rip faces off in the next 2-3 months, pull a Tesla. The returns profile remains asymmetric.”