We’ve been predicting this for a while now…
If you’re an avid Money Morning reader, you’ll know that we’ve been saying bitcoin (and cryptos) was due a rally.
Not only because the bitcoin halving happened earlier this year – which is notoriously known to send bitcoin’s price higher.
But because we expected the large financial institutions to jump on board. And they have.
All these signs pointed to a coming crypto boom.
That’s why my view has always been to own some bitcoin as part of your portfolio, and part of your wealth strategy.
And if you took a punt, you’d be sitting on a tidy return right about now.
The question is, is it too late to buy bitcoin today?
Well, before I answer, you need to know…
Greed is at an all-time high!
Take a look at the graph below…
It shows the Fear and Greed levels in the crypto market.
Because of the latest rally, the Fear and Greed Index is currently at 91 – showing “Extreme Greed”. Sentiment right now is around the highest level.
Unfortunately, we can’t compare it to the bitcoin bull-run of 2017, as the index didn’t exist yet. But what you can take away is that, when bitcoin hits extremely levels of greed, it doesn’t stay that high for too long.
So a pullback in the bitcoin price would not be surprising.
Did you miss ANOTHER triple-digit gain this last month?
Those canny Pickpocket Traders didn’t - this time a 111% gain from a trade.
And this isn’t a one-off lucky strike. Since the beginning of this year, Trader X and his followers have banked gains of 323% from the US500... 64% from Lloyds and 114% from Porsche!
That doesn’t mean bitcoin can’t hit $20k or more very soon…
While, I expect some investors to take profits, I also expect bitcoin to hit $20k by the end of 2020.
So it’s wise to use any pullback to accumulate bitcoin.
Bear in mind, I’m not the only one who thinks bitcoin’s rally is far from over…
Bloomberg Analysts also forecast $20,000 bitcoin by the end of 2020.
Others are more optimistic on the bitcoin price…
Citibank, predicts $318,000 by the end of 2021. While, Saxo Bank analysts forecasts $100,000 by 2027.
Wild predictions aside, the case for bitcoin — and crypto at large — is only growing.
You need only look at the state of fiat currency and the enthusiasm for gold to see that. With bitcoin and crypto offering a new hedge against the implosion of the monetary system.
Plus, the technology behind crypto — blockchain — is attracting the attention of central bankers, the World Bank, and the IMF.
The point is…
Bitcoin in the spotlight once more. And the fact that people are talking about it at all is what matters.
Every time bitcoin makes headlines, it becomes a little more accepted.
Gradually changing more people’s attitudes and understandings of the cryptocurrency agenda as a whole.
You may want to start accepting it and adding to your portfolio, if you haven’t already.
See you next week.
Managing Editor, Real Wealth
The time to start taking an interest in crypto couldn’t be better. And everything you need to know about cryptos can be found right here