Leading crypto-analysts expect BTC price to rise by 1000%

Popular crypto analyst and trader Josh Rager noted that Bitcoin has shown a desire for a sharp jumpprices when it closed above the previous monthly high. As a result, BTC may soon face a price increase of up to 1000%, especially if it closes in November at or above the current price.

Indeed, Bitcoin has surged in price over the past month, setting several annual records and almost reaching $16,000 –highest BTC price since January 2018.

has corrected and is currently trading at about $ 15,400, analyst Josh Rager suggested that the asset could soar even further soon. Rager noted that:

"Every time bitcoin closes above the previous monthly high, it is followed by a surge from 700% to 1000%."

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The first such scenario shown in the graphabove happened in 2013. In January, BTC had a monthly close of approximately $ 20, which coincided with the previous monthly high. Shortly thereafter, the main cryptocurrency jumped to around $ 150, or nearly 700%.

Similar events happened twice in 2014and during the parabolic rise in prices in 2017. The latter is also a kind of benchmark, as BTC closed at about $ 13,880 in December.

With the price of bitcoin hovering above this level, Rager believes that "November could be the first close of the month to exceed the previous high."

If his forecast comes true, bitcoin will end up in six-figure territory. A 700% increase will push BTC up to $ 120,000, and a 1,000% jump will push the price up to $ 170,000 per coin.

Another well-known analyst Willie Wu explainsthe last jump in bitcoin prices with money invested by wealthy people. He added that over the past few months, the average transaction value between investors has increased significantly.

Moreover, he believes thatbitcoin continues to be in the latent phase of its bull run.

Who has been buying this rally?It&#8217;s smart money&#8230; High Net Worth Individuals. You can see the average transaction value between investors taking a big jump upwards. OTC desks are seeing this too.

Bitcoin is still in it's stealth phase of its bull run. pic.twitter.com/3q41pmNVP9

- Willy Woo (@woonomic) November 9, 2020

There is a lot of evidence for Wu's words, sincejust recently, another well-known investor, Bill Miller, positively characterized BTC. In his opinion, eventually every major bank will own BTC.

Grayscale's leading digital asset manager also noted that despite the economic uncertainty, the company saw record inflows quarter after quarter.

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