If Bitcoin retraces $20,000 and falls below that key support level, then “something is wrong” said Florian Grummes, managing director of Midas Touch Consulting.

In the medium term, investors can expect the price to touch $50,000 to $100,000, with the current bull cycle targeting $300,000 a coin, Grummes said.

“If Bitcoin does the same thing in the last bull market in 2016 and 2017, we’re going to $320,000 this time,” he said.