With Bitcoin price successfully punching through the $12,000 barrier after PayPal announced that it would be venturing into digital assets, October is delivering on the excitement that September failed to provide. And with on-chain and market data continuing bullish signs for Bitcoin (BTC), experts believe that a 2017-style rally may be on the way.
Ether (ETH) price has also picked up, although confidence in decentralized finance is beginning to shake as the industry’s growth and hype are slowing down. DeFi has been the major kick-starter for cryptocurrency popularity in 2020, but now, other digital assets seem to be ready to start thriving and could reach considerable heights by the end of the year.
What about Bitcoin?
According to a recent report by Finder — an online comparison resource — featuring 30 experts from the industry, Bitcoin’s price is likely to reach $14,283 by the end of the year. And according to Finder’s cryptocurrency editor, Andrew Munro, Bitcoin’s reputation as a reliable store of value is the main reason behind the generally bullish outlook. He told Cointelegraph:
“Many panellists noted that BTC is increasingly finding a place in traditional portfolios and is being bought by both institutional and retail investors as a hedge against inflation. Given the unprecedented quantitative easing efforts by central banks around the world some panellists speculated that BTC would become a widely adopted ‘store of value’ asset.”