Bitcoin ready for $40,000 according to Gemini co-founder
The co-founder of the well-known crypto exchange Gemini, Cameron Winklevoss, claims that the price of bitcoin is poised to reach $40,000.
On Twitter he wrote:
„Bitcoin is getting ready to jump to 40K“.
In fact, after breaking through the psychological threshold of $30,000 a few days ago, several analysts claimed that the next resistance would be around $39,000. Winklevoss is therefore simply joining the group of those who believe that the current uptrend has no major obstacles to it until the $40,000 mark.
However, it should also be pointed out that this trend is clearly due to a parabolic rise in the price of BTC.
Taking the last four weeks as an example, the percentage increases have been +27%, +0%, +26%, +27%, while the last four months have been +0%, +50%, +26%, +94%.
Gemini co-founder and others: Bitcoin predictions
But it is not only Cameron Winklevoss who supports the hypothesis of reaching $40,000. For example, analyst Alex Krüger also hypothesises it, who wrote on Twitter yesterday:
„Yes, 40K at the end of the week. If you are short at 36K you can panic“.
Driving this trend could be the trading volumes on PayPal.
According to Santiago Roel Santos, the trading volumes of BTC on PayPal these days are at an all-time high, although these exchanges have only started a few months ago.
In particular, Roel Santos points out that this record occurred yesterday, the very day of the riots in the US Congress against the election of a new president.
The fact that the price of bitcoin has often risen on holidays lately suggests quite clearly that it is mainly retail users who have been buying en masse, and the data on PayPal exchanges only supports this. It is also necessary to point out that never before has it been possible to buy BTC directly on PayPal.
Therefore, the current scenario is unprecedented in the crypto markets, and cannot be assessed by comparisons with the past. The context has evolved, precisely during the 2020s, and what we are witnessing now is only the consequence of that.