Bitcoin (BTC) is on an upward momentum that has seen it hit the $14,000 price level for the first time since January 2018. The leading cryptocurrency is so far having an impressive year with its meteoric rise since crashing to $3,700 in March earlier this year. Now, the digital asset looks set to finish the year on a high and is poised to surpass the 2017 bull run according to industry insiders.
The recent surge in price has seen BTC hit its highest point yet after more than two years of price discovery following the January 2018 price crash. Now, cryptocurrency analysts and blockchain experts are predicting a new bull cycle in which BTC price will reach new All-Time-High. This is expected in the wake of the markets trying to recover following the shocks brought about by the Covid19 epidemic. Even with the US Dollar recovering, experts still expect bitcoin to outperform the fiat currency, despite them having an inversely correlated relationship.
The case for a bullish bitcoin is further cemented by the fact that the cryptocurrency hit the recent milestone on October 31 2020, exactly 12 years since the day the Bitcoin white paper was published in 2018. The digital currency endurance to date is a great indicator of its maturity and its now positive trajectory is further evidence that bitcoin is set to grow bigger in the coming years.
Recently, there has been an increase in attention by institutional investors investing in bitcoin. Similarly, more major financial institutions have come on board to provide support for bitcoin and other crypto assets. Considering some of these institutions like JPMorgan had labelled bitcoin a scam, the recent events are a major upturn of events and a great expression of confidence in the virtual asset. With the market becoming increasingly liquid and more institutions expected to come on board, the price of Bitcoin is set to rise further and keep up with its upward trajectory.
The recent price surge also resulted in another huge milestone with Bitcoin hitting its highest monthly close ever in its 12 years of existence. This is built on the back of its forward momentum after breaking multiple resistance levels and turning them into supports over the last six months. Now, industry experts forecast that the leading cryptocurrency could repeat its 2016 cycle if it holds its price within the $11,400 to $14,200 range. This is a crucial accumulation stage from which the asset is expected to catapult to reach new highs.
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