The bitcoin price of $20,000 is just months away

After several days of consolidation, it jumped more than 4% on Tuesday, testing the $13,700 mark.

At these levels, the first cryptocurrency briefly traded in June 2019.

Bitcoin strengthened against the background of a sharp decline the day before, as well as indistinct dynamics in the gold market.

The day before, Morgan Creek co-founder Anthony Pompliano stressed that BTC's dependence on the stock market has almost disappeared. This is a positive signal not only for this asset, but also for the entire cryptocurrency industry.

Analysts attribute the latest inflow of capital into the cryptosphere to the launch of a cryptocurrency exchange in Singapore (DBS Digital Exchange). The platform was set up by local bank DBS. According to observers, investors from Southeast Asia have stepped up, as they have another channel to penetrate BTC, coinspot writes.

Cryptocurrency investment company Grayscale Investments has published the results of its own survey, according to which investors' interest in bitcoin is growing, as is the spread of the cryptocurrency. 55% of U.S. investors who took part in the survey reported their interest in buying bitcoin.

The number of bitcoin whales, or large investors who can influence the market through their actions, has risen to a four-year high along with the recent rise in the rate, according to data from Glassnode.

At the same time, the number of deposits made in the wallets of cryptocurrency exchanges on Monday fell to a 9-month low, and bitcoin balances in such wallets - to a two-year low.

"The decline in exchange-traded deposits, despite the risk aversion in the stock markets, is a bullish signal," said Stack Funds co-founder Matthew Dibb. In his opinion, bitcoin will continue to show strength over the coming weeks.

Ronnie Moas, founder of Standpoint Research, shares the view of those experts who expect to reach $14,000 in the very near future.

Meanwhile, Santiment analysts argue that blockchain-level metrics and observations of community sentiment on social media are now giving more cause for concern and may indicate an overheated market.

"There are still risks to bitcoin. The main one is the potential deleverage in the financial markets. If the slide in stock indices turns into a collapse, bitcoin could repeat its March fall, when its price more than halved.

If this extremely unfavorable scenario can be avoided (with the help of government aid package or FRS support measures), the BTC exchange rate may not meet significant resistance up to the highs above $20,000 and reach them in the coming months," - says the team of FxPro analysts.