2020: The Bullish Year for Bitcoin
The year started with the expectation of a major bull run for the digital asset. It rose from over $7223 in January 2020 to cross $10000 for the first time in 2020 on February 12, 2020, standing at $10305.
Bitcoin’s bull run saw the price of Bitcoin rise from $12,900 to over $19,000 between October and November.
The end of November 2020 surprises traders with Bitcoin steadily moving up to $19,000. In less than two months, Bitcoin has gained 90 percent of its value, climbing from $10,400 on October 1 to $18,900 on November 21, 2020. Recently, Bitcoin’s market capitalization reached a high of $337 billion, which exceeded its prior record of $328 billion from December 2017.
Bitcoin price hit a fresh record high above $23,000 on December 17th, extending a wild rally for the cryptocurrency that has seen it more than triple in value this year.
Bitcoin’s 2020 performance has reminded many market watchers of its frenzied rally to nearly $20,000 in 2017, which was followed by a sharp pullback the following year. However, crypto fans claim this year’s rally is unlike 2017 as it’s being driven by institutional buying rather than retail speculation.
The rest of 2020 is predicted to be a major bull run for the digital asset. Many investors and traders speculate the price could touch $30000 by the end of 2020 and also advise that holding bitcoin at present would be profitable.
Bitcoin in 2021 – Bitcoin Whale Coming ?
Continuing the bullish trend in 2020, Bitcoin in 2021 is expected to capture the market by marking new heights. Many traders and analysts predict the greatest heights Bitcoin had ever attained.
There are many predictions with the Bitcoin price in the crypto space but the most popular prediction is Bitcoin price to hit $100K by the end of 2021. Many analysts like Max Keiser, Plan B have predicted the same.
According to a veteran macro investor, Dan Tapiero, 2021 could be a year with massive liquidity hitting the markets. He says,
“ Massive global liquidity to hit markets NEXT year. The chart suggests the equity market at risk of a correction in Q4, then a single greatest rally of our lifetime in 2021. Enormous speed and near-vertical price increase possible. Might be led by Gold this time, Bitcoin system would benefit too.”
However, there are much more big predictions for the digital asset which forecast much more heights than $100Kin 2021. But what do you think, what might be the reason for the Bitcoin whale to occur?
Top Reason Why Bitcoin Peak.!
Many analysts predict a bullish trend of the digital asset with a skyrocketing price to reach nearly $100k by the end of 2021. The factors contributing to their predictions are summarized below,
- The Sinking world economy
The COVID-19 has left the financial system paralysed around the world. Therefore many people being uncertain with the fiat currency might shift their focus on cryptocurrencies like Bitcoin.
- The Measures adopted by the FED
The COVID pandemic has forced the FED to take steps like never before by printing trillions of dollars and the central banks slashing the interest rates to near-zero also has assisted the growing adoption of the digital asset.
- The regulators entering the crypto space
The regulators are stepping in the crypto space to bring cryptocurrencies under a regulatory umbrella. Also, many banks around the world also have started offering crypto services to their customers. Moreover, banks in the US can hold cryptos on behalf of their clients.
- Mass adoption by the younger generation
As per some reports the younger generation has attracted towards the digital assets. Most of the millennials have opted cryptocurrencies to invest their funds as they believe they are more secure than any centralized entity.