Today a new victory was announced on the road to a vaccine against COVID-19, Bitcoin and gold did not react very well.
Today the world celebrates that Pfizer Labs obtained successful tests of a vaccine against COVID-19, the stock market shot up as a result but Bitcoin and Gold don’t seem to celebrate it.
- Bitcoin Maturity Allows Rapid Recovery
- Bitcoin reacts negatively to the vaccine
After the news, while the stock market was soaring, gold sank along with Financial Peak losing more than USD 1,000 in a matter of hours after the announcement of the COVID-19 vaccine.
However, in the midst of the fall, it seems that Bitcoin let go of the gold and managed to recover most, if not all, of what fell. Currently, Bitcoin is trading 0.09 percent higher than 24 hours ago, according to CoinMarketCap.
Meanwhile, gold can’t say the same; during the last 24 hours, the precious metal has lost 4.41% of its value. Leading crypto reinforcing its role as a store of value? Perhaps.
A funny thing is that, initially, Bitcoin’s price shot up 2% with the news, but the profits quickly disappeared. Consequently, it seems that Bitcoin didn’t like the fuss about the COVID-19 vaccine.
Bitcoin Could Reach $100,000 by December 2021
Will Bitcoin reach USD 100K in a year? Maybe, but a 30% crypto correction is also on the table
Yesterday, PlanB, created from the S2F model, reiterated that the leading crypto is following a path that leads it directly to reaching at least USD 100,000 by December 2021.
This would imply a minimum increase of 545% under the current price to reach the goal set by PlanB.
However, projecting what will happen in 2021 with crypto is quite difficult, especially after everything that has happened in 2020. Therefore, it is also worth looking at the short term.
According to Michael Van De Poppe, an analyst at CoinTelegraph, a 30% correction is on the table.
Poppe explains that USD 16,000 is the final barrier facing the leading crypto before a potential race to a new all-time high. However, a reversal has also become very likely.
1 Million Bitcoin Wallets Now Have Over $10,000
Stanley Druckenmiller prefers leading crypto to gold
Without a doubt the topic of conversation in the crypto community today was the praise that the crypto leader received from Stanley Druckenmiller.
For those who don’t know him, he is a recognized investor and hedge fund manager in the United States.
Basically Druckenmiller gave a vote of confidence for crypto leader. „I have many more times gold than Bitcoin, but frankly, if the gold bet works, Bitcoin’s bet will probably work much better,“ he said during an interview on CNBC.
Bitcoin showed its power against DeFi and altcoins
Bloomberg trusts that Bitcoin will soon reach a new crypto maximum
Mike McGlone, senior strategist at Bloomberg Intelligence, has said on Twitter that Bitcoin is on track to reach $20,000 by 2021.
According to McGlone, the leading crypto „may experience a parabolic 2021, as it did in 2013 and 2017, if previous patterns are repeated.
Crypto week: Voting and clear winners, is Bitcoin one of them?
Bitcoin Cash Hard Fork
On November 15, 2020, the crypto community expects to receive a network update from Bitcoin Cash, which, in fact, could divide crypto again.
The proposed upgrade introduces a novel mining algorithm and, in fact, seems to be widely accepted. However, the Bitcoin ABC team introduced a proposal that surprised the entire crypto community.
Thus, the Bitcoin ABC proposal has been quite controversial and could lead to a new division of the network. This is mainly because the crypto community expects that the majority of the miners will support the BCHN version, and therefore the ABC version will become a minority channel.