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“It is only a matter of time before the price of Bitcooin exceeds its all-time high, according to the Amber CEO

May 22, 2020

Aleks Svetski, co-founder and CEO of Bitcoin Investment App (BTC), Ambersaid the asset could be on track to hit record highs again.

“It’s just a matter of time, a perfect storm is brewing and the pressure has to go somewhere.”Svetski informed Cointelegraph in an email on May 21, adding:

“With Bitcoin, the offer is fixed and its use as non-inflatable and incorruptible money is only increasing. The only thing left to move is the price.

A longer time horizon could mean an accumulation potential

With 2020 almost in the middle, Bitcoin looks back on a roller coaster, partly in the midst of the chaos of the coronavirus pandemic. The asset reached price levels of $ 3,800 and $ 10,300, with countless stops in between.

“It is only a matter of time before the price of Bitcooin exceeds its all-time high, according to the Amber CEO
“It is only a matter of time before the price of Bitcooin exceeds its all-time high, according to the Amber CEO

What does it take for the asset to reach its historically highest price of around $ 20,000? “Time and dynamics,” said SvetskiThough he wouldn’t mind if Bitcoin sat a little longer before approaching new heights.

“For my part, I hope there will be a lower reserve price over a longer period of time.”He explained that the extra time would give him and others more time to buy more BTC at a lower price.

A historical maximum of the price, followed by the FOMO

What Happens After Bitcoin Exceeds Its Slippery $ 20,000 Limit? “Unbelief, followed by FOMO”Said Svetski.

Once Bitcoin exceeds $ 20,000, Svetski believes the asset will again draw public attention, with “top economists and traders alike”. Warning of a fall in prices or a double-top chart pattern, which sometimes also indicates an impending downward dynamic.

Svetski added:

“Retail customers will hesitate at first, but since it’s $ 25,000, 30,000, or 40,000, unbelief will turn into FOMO and we’ll see an incredible rate acceleration.”

In contrast, however Billionaire Chamath Palihapitiya said the coin has the potential to drop to $ 0 if it doesn’t hit seven-digit prices.