The cryptocurrency market is trading mostly sideways today, after some gains earlier in the week. At the moment of writing, the price of Bitcoin is trading at $8,697. However, although the price of Bitcoin is hovering around $8,700, a fresh poll suggests it may have a massive upside.

As it often the case, Bitcoins performance is dictating that of the larger cryptocurrency market. According to statistics from COIN360, the market is evenly split between intraday gains and losses.

However, perhaps the most notable crypto market news of the past week has been the meteoric rise of Bitcoin SV. Bitcoin SV is currently the fifth-largest cryptocurrency by market capitalization. Whats more, the coin rose from well under $200 a few days ago to a high of roughly $440.

Although the coins price has since fallen, to a price of $317 at the time of writing, this still represents a massive price increase. The exact reason as to Bitcoin SVs dramatic price increase is not clear.

However, some suggest that rumors that Craig Wright could execute a massive Bitcoin sell-off and instead invest in his fork of choice, Bitcoin SV. This rumor was tied to the recent news that time is running out for Wright to prove he is Satoshi Nakamoto if he wants to escape legal sanctions.

The Bitcoin SV pump saw the cryptocurrency briefly overtake Bitcoin Cash as the fourth-largest crypto in the market. Although Bitcoin SV has since fallen, it will be interesting to see whether this was a tease of future market moves.

In Bitcoin news, however, a recent poll says that Bitcoins true value could be $20,000. This poll was undertaken by the economist and crypto analyst Alex Krger.

Moreover, he committed the poll over Twitter, which means it isnt entirely scientific. It is, nevertheless, interesting to take into account.

In it, a total of 4,079 people were asked regarding their sentiment for the premier cryptocurrency. A total of 47.1% of those asked regarding the cryptocurrency were adamant that Bitcoin will surpass its all-time high of roughly $20,000 by the end of this year.

Only a mere 14.8% of the respondent thought that Bitcoins price would be anywhere below $11,499 by the end of 2020.

Public sentiment does not decide everything, but it is an important factor for investment appetite. As such, it will be interesting to see whether Alex Krgers poll pans out.

Published January 16, 2020January 16, 2020

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Bitcoin Hovers Around $8,700 As Poll Suggests $20,000 Bitcoin Price - Toshi Times