Reports of a fresh market entry from a Singapore bank buoys Bitcoin price as Raoul Pal sees hardly any resistance below $20,000 all-time highs.
Bitcoin (BTC) hit new highs of $13,480 on Oct. 27 as fresh news that a bank was entering the cryptocurrency space fuelled already bullish markets.
Cryptocurrency market daily overview from Coin360
The move followed an as yet unconfirmed news that Singapore bank DBS had decided to build a cryptocurrency exchange and offer crypto custody services, fully regulated by the city state’s de facto central bank, the Monetary Authority of Singapore (MAS).
The move originally came to light via a cached website page which subsequently disappeared from public access. DBS had yet to confirm as of press time.
Despite this, Bitcoin immediately reacted, climbing out of its range in the lower $13,000 area and rebuffing concerns that a correction was imminent.
BTC/USD 1-day chart. Source: TradingView
For Raoul Pal, CEO of Real Vision, the bullish atmosphere had been reinforced, and further gains were more likely than ever.
“There are literally only two resistances left on the #bitcoin chart - 14,000 and then the old all-time high at 20,000,” he tweeted.
“I fully expect new all-time highs by early next year at the latest.”
That would take Bitcoin up by another 50% in around three months — the largest cryptocurrency has already delivered year-to-date gains of over 85%.