- Bitcoin has finally crossed the $10000 mark and is currently trading at the $11000 range after a long period of stability.
- Cobra predicts that BTC this time is likely to reach an all-time high of $30000 and then it will experience a downtrend where its price will plummet down to $15000.
- He has also advised the investors to not buy BTC at its all-time high prices unless they plan to hold for a very long period.
In a recent tweet by Cobra Bitcoin the co-owner of bitcoin.org claims that if Bitcoin pumps to a new all-time high in this bullish run, it could due to the inexperienced investors who weren’t encouraged to buy BTC when it is trading at high prices. Cobra predicts that BTC this time is likely to reach all-time highs of $30000 and then it will experience a downtrend where its price will plummet down to $15000. He has also advised the investors to not buy BTC at its all-time high prices unless they plan to hold for a very long period.
If Bitcoin pushes new ATH's this bull run, we owe it to noobs to not encourage them to buy into really high prices. ATH this time around is likely to be around $30k, and then will pullback to ~$15k. Never buy at ATH prices unless you plan to hold for many years.
— Cøbra (@CobraBitcoin) July 28, 2020
Bitcoin Cobra On Recent Bitcoin Rally
The anonymous Cobra Bitcoin is the co-owner of Bitcoin.org along with Theymos, which was originally founded and registered by Satoshi Nakamoto. Although his identity is still unknown, yet he has the power to control the entire Bitcoin community. In his Twitter account, he occasionally voices out his opinion on cryptocurrencies especially Bitcoin.
In his recent tweet, he has pointed out that BTC will break through and reach an all-time high of $30000. Consequently, his views got confronted by many Twitter users. In the most recent exchange of tweets, one of the users has accused him of being negative over BTC because according to him $30000 is too less an ATH. Cobra later clarified that they are just being bullish when they think that $30000 is too less a gain. He further substantiated his argument by saying that an asset’s price going from $10 to $100 is a lot easier than going from $10k to $100k. And the amount of money that will be required in order to pump the price to highs is huge.
Bitcoin Trading At $11000, Expected To Cross $12000 Mark Soon
If we consider the stats, Bitcoin has finally crossed the $10000 mark and is currently trading at the $11000 range after a long period of stability. To be specific, BTC is currently trading at $11,030.72 and is up by 1.01% in the last 24 hours. The 24 hour high is $11,196.26 just a few dollars short from $12000. Daily trading volumes rose to $36.63 billion and the total market capital stands at $203.47 billion.
In just a few days, BTC has grown by over 20% and has been hitting new highs continuously. When some analysts predict that BTC may reach $20000 by the end of the year, Cobra believes that it will reach all-time highs of $30000 before reaching down the $15000 level. However, the current option markets imply that the probability that BTC will reach new all-time highs is low.
Advisable Not To Buy BTC During Its ATH Prices
However, many experts including Cobra have advised investors not to buy BTC during its all-time high prices unless they have the intention of holding it for a very long time. Many other experts have denied the reference of BTC as safe-haven assets during such times. Binance’s CEO Changpeng Zhao (CZ) said that people should not take BTC’s description as a safe haven asset too seriously. BTC trading at such high levels may seem attractive to investors and they may even consider buying them. However, this may be because with high price levels, comes higher risks and jittering volatilities.