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

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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.”

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.