Market Leader: Bitcoin Will Be At These Levels In December!

 

Bitcoin Will Be At These Levels In December

Price predictions for Bitcoin are endless. Most of the time, predictions made for certain time periods come to the fore. The latest prediction came from Jason Urban, co-chairman of Galaxy Digital Trading.

Bitcoin price will break new record by the end of the year

According to Jason Urban, Bitcoin's price pullback will only last through the summer, as the world's largest cryptocurrency began falling from then-record levels in April. Urban stressed that institutional investors will re-enter the space this fall and will push the price up again, breaking all-time highs to at least $70,000 by the end of the year.

Galaxy Digital is a diversified financial services firm focused on cryptocurrencies with four business lines: asset management, trading, core investment and investment banking. Founded by Michael Novogratz, the firm recently partnered with Goldman Sachs for Bitcoin futures.

Can $70,000 be exceeded?

Urban, in his statement, states that something above the $ 70,000 level can be seen by the end of the year with certainty. Stating that what has been seen in recent weeks is a FUD, namely fear, uncertainty and doubt, Urban expects a flat trend in the market throughout the summer. He states that as we enter the fall, institutional adoption will begin, which will push the BTC price to high levels.

So what has held institutions back so far? Urban noted that there is a lack of clarity regarding the regulations institutional investors need. Urban's comments came after Bitcoin faced a new attack of criticism

The Bank of International Settlements (BIS) stated in a recent report that “cryptocurrencies are speculative assets rather than money, and in many cases are used to facilitate money laundering and also find uses for ransomware attacks and other financial crimes.”

Earlier in the week, the People's Bank of China banned over-the-counter Bitcoin trading in China and banned several major miners, reducing the country's crypto mining capacity by 90%. Urban said that regulations may be beneficial, but attempts to ban Bitcoin have been futile. According to Urban, “You cannot forbid progress. You can edit, but you cannot forbid.”