Bitcoin set for fresh highs in 2020, say crypto analysts

28 Oct 2020

Bitcoin has hit a record high this week according to one price measurement.

This is the analysis from well-known statistician Willy Woo.

Woo said on Twitter that one valuation of BTC/USD was now higher than ever before, adding to his recent bullish predictions about the world’s largest cryptocurrency by market capitalisation.

The statistician was making reference to Bitcoin’s network value to transactions (NVT) ratio, indicating when the Bitcoin network is overvalued in comparison to the actual value of transactions passing through it, reports Cointelegraph.

As of Tuesday, Bitcoin’s “organic valuation” based on NVT had surpassed $10,000 for the first time ever.

“While we wait for BTC post an all-time-high, both on the monthly chart of $14k and the 20k prior top[,] I'll point out that the organic valuation under NVT Price from underlying long term investors is already at an all-time-high,” Woo stated.

Woo’s comments follow the Bitcoin price showing no indication of bearish corrections, increasing to highs of $13,850 on Wednesday, equalling the peak of the bull run of 2019.

As previously reported by Cointelegraph, crypto analysts see little resistance between $14,000 and Bitcoin’s all-time highs of $20,000.

They believe new highs could be on the cards if BTC breaks the $14,000 level.

Woo went on to add: “In markets when all-time-highs are breached, there's no prior history to go back on, so price discovery swings wildly upward exploring different levels as there's no history to say ‘that's not valid.’”

In addition, other crypto advocates such as Gemini co-founder Tyler Winklevoss and Real Vision CEO Raoul Pal also believe Bitcoin will reach new record highs before the end of 2020.