Raoul Pal, CEO of Real Vision, sees almost no resistance below an all-time high of $20,000
On 27 October, Bitcoin (BTC) reached new highs at $13,480 while Bitcoin Future news of a bank entering the cryptocurrency sector strengthened already bullish markets.
Daily overview of crypto markets
Daily overview of crypto markets. Source: Coin360
Bank news pushes BTC’s price to $13,480
Cointelegraph Markets, Coin360 and TradingView data showed BTC/USD rising again on Tuesday, adding 2% in just over an hour.
The movement followed an as yet unconfirmed report that the Singaporean bank DBS had decided to create a crypto currency exchange and offer crypto custody services, fully regulated by the city state’s central bank, the Monetary Authority of Singapore (MAS).
The initiative was revealed through a web page stored in the cache, which subsequently disappeared from public access. At the time of writing, DBS has not yet given confirmation.
Nevertheless, Bitcoin reacted immediately, leaving its range in the vicinity of $13,000 and rejecting concerns of an imminent correction.
Daily chart of BTC/USD
Daily chart of BTC/USD. Source: TradingView
Pal: New historical highs in 3 months “at the latest”.
For Raoul Pal, CEO of Real Vision, the bullish atmosphere has been enhanced, and further gains are more likely than ever.
“There are literally only two resistance left on the #Bitcoin chart – the $14,000 and the old high of $20,000,” he tweeted.
“I expect new historical highs early next year at the latest.”
This outlook would mean a further 50% growth in about three months for Bitcoin. The largest cryptocurrency has already recorded gains of over 85% since the beginning of the year to date.