«It’s Just a Matter of Time» Before BTC Break’s All-Time High, Investment App CEO Says

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Aleks Svetski, co-founder and CEO of Bitcoin (BTC) investing application Amber, said the asset could be on route to hit its all-time price high once again. 

«It’s just a matter of time — there’s a perfect storm brewing and the pressure will have to go somewhere,» Svetski told Cointelegraph in a May 21 email, adding: 

«With Bitcoin, supply is fixed, and its utility as an un-inflatable and incorruptible money is only increasing — the only thing left to move is price.

A longer time horizon could mean accumulation potential

With 2020 nearly half over, Bitcoin looks back on a roller coaster ride, in part amid coronavirus pandemic chaos. The asset visited $3,800 and $10,300 price levels, making countless stops everywhere in between. 

What will it take for the asset to break its all-time price high near $20,000? «Time and momentum,» Svetski said, although he would not mind if Bitcoin sat around for a bit longer before its move toward new highs. 

«I for one hope that it holds a lower price floor for a longer period,» he said, explaining the added time would give him and others more time to buy additional, lower-priced BTC.

An all-time price high, followed by FOMO

What happens after Bitcoin breaks its elusive $20,000 ceiling? «Disbelief, followed by FOMO,» said Svetski, noting the fear of missing out the public might express.

Once Bitcoin breaches $20,000, Svetski said he thinks the asset once again will garner significant public attention, with «mainstream economists and traders» warning of a price collapse or a double top chart pattern, which also sometimes signals upcoming downward momentum.

Svetski added:

«Retail punters will initially be hesitant, but as it charges ahead to $25k, $30k, $40k, the disbelief will transform into FOMO and we’ll see an incredible price acceleration.»

In contrast, however, billionaire Chamath Palihapitiya said the coin has potential to fall to $0 if it does not hit seven figures in price.