Bitcoin Will One Day Close a $40,000 Daily Candle, says BTC Advocate Jimmy Song
Jimmy Song believes that Bitcoin's daily candle will one day close at more than $40,000 based on its present closure of at least $1900 in the past 24 hours.
Bitcoin (BTC) has made the crypto space to erupt in all manner of praise after the leading cryptocurrency went through the roof to break an all-time high (ATH) price of $20,000 set three years ago. BTC has been on a frenzy gaining more than 13% in the last 24 hours and now trading at an astonishing $22,160 at the time of writing, according to CoinMarketCap.
Jimmy Song, a leading Bitcoin educator and advocate, has taken to Twitter to reveal that this price rally made BTC’s daily candle to gain more than $1900. He tweeted:
“The daily candle just closed +$1900. That's more than double what Bitcoin was worth 4 years ago. Someday, we're going to see a +$40,000 candle.”
He, therefore, suggests that the current price surge is the tip of the iceberg on what awaits the top cryptocurrency because a time will come when BTC’s daily candle will gain by more than $40,000.
His sentiments can be echoed by the fact that institutional investors are no longer in oblivion to the huge potential Bitcoin has to offer as an inflationary hedge, especially at a time when global governments are employing financial initiatives like quantitative easing (QE) to tame the economic turmoil triggered by the coronavirus (COVID-19) pandemic.
For instance, earlier this month, institutional investors pumped a whopping $429 million into crypto funds and products, with BTC taking the bulk at $334.7 million. This record-breaking move became the second-highest weekly inflow after $468 million was recorded in mid-November.
As Bitcoin continues to make history, Tyler Winklevoss, the CEO of Gemini, spared a moment to poke crypto critic Peter Schiff, who appears as adamant as ever that the market is rising on pure speculation. Schiff has emerged to be a notorious critic of Bitcoin’s true value, especially compared to safe-haven asset gold.
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