“Fundamentally, BTC is a much stronger asset now than it was then due to a number of factors, including the halving, a rise in institutional adoption, real-world use cases emerging, publicly listed US companies moving 10 percent of their balance sheet into the asset and payments giants like PayPal accepting crypto.
“Historically, BTC witnesses end of and early year rallies, so I wouldn’t be surprised if it reaches or sets new highs this year, or in the early part of 2021.
He added how altcoins – such as ripple and ethereum – are where money might be made, despite BTC generating the headlines.
Mr Pelecanos said: “BTC is back at its all-time high levels, but what is worth noting is the valuation of the altcoins which are on average still 50 percent below their all-time highs.