Bitcoin broke through record highs, clearing a major milestone above $20,000 to trade above $22,000 on Thursday.<\/p>\n
That's just the latest move after a massive year for bitcoin it has risen 190% as institutional investors warm up to the cryptocurrency trade.<\/p>\n
JC O'Hara, chief market technician at MKM Partners, called the record rally at the beginning of November. Now, he sees a breakout that's only in the early innings.<\/p>\n
\"Two months ago, we saw the initial stages of uptrends forming within bitcoin, and I do believe that we're still in the infancy stages of these new trends developing, so yes, we're at all-time highs for bitcoin, passing $20,000 today, but I think there's plenty of room to run,\" O'Hara told CNBC's \"Trading Nation\" on Wednesday.<\/p>\n
O'Hara said the technical setup is similar to the beginning of the last multiyear rally in bitcoin, a promising pattern that points to more upside this time, too.<\/p>\n
\"If you look back at the last time we started new stages of uptrends forming, it was back in 2015. Bitcoin was $200 a coin back then, and it appreciated over 8,000%, got up to the high $19,000s. So we believe that these trends will persist into the future. Now, I think conservatively, we see ... upside to $25,000. I think that's a good aiming point especially based off of what it has done and what it potentially could do here,\" said O'Hara.<\/p>\n
Steve Chiavarone, portfolio manager at Federated Hermes, said bitcoin's success has a far-reaching impact beyond the underlying asset.<\/p>\n
\"From our perspective, it's really, really exciting. It's not necessarily bitcoin itself, but the blockchain technology that sits underneath. We think that this is going to emerge as a driver of the digital revolution alongside AI and robotics and 5G and advanced biotech, and we think it's going to enable a whole range of transactions, financial and nonfinancial, to be done in a more efficient way, cheaper and more secure,\" Chiavarone said during the same \"Trading Nation\" segment.<\/p>\n
He envisions applications in industries ranging from \"banks to health care to shipping.\"<\/p>\n
\"Bitcoin is exciting and being over $20,000, I get that, but the underlying blockchain technology we think is going to have the bigger impact across the investment spectrum over time,\" said Chiavarone.<\/p>\n
Bitcoin has rallied more than 400% since its March lows. <\/p>\n
Disclaimer<\/p>\n
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Read more: Bitcoin broke through record highs, clearing a major milestone above $20,000 to trade above $22,000 on Thursday. That's just the latest move after a massive year for bitcoin it has risen 190% as institutional investors warm up to the cryptocurrency trade Continue reading
\nBitcoins next stop will take it above $25,000 as it extends record rally, MKM Partners analyst says - CNBC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"