It looks like there’s no stopping Bitcoin, at least not today, after the world’s largest cryptocurrency breached the $21,000-mark within hours of breaching the $20,000-mark. At the time of writing, BTC was trading at a price of $21,274, having gained by 9.18% in the last 12 hours.
Source: BTC/USD on TradingView
The aforementioned developments came on the back of Bitcoin trading within the $19,000-range for a long time. With the cryptocurrency now priced at levels never seen before, many in the market expect Bitcoin to go parabolic and trade at a much higher price range in the next year or two.
The rally, which seems to remind Bitcoin holders of the 2017 bull run, has been a long time coming. However, unlike its previous bull runs, Bitcoin’s present rally hasn’t been identified with volatility a lot since the same hasn’t been significant. In fact, most expect Bitcoin’s new support level to be well within the $19,000-range.
In an email shared with AMBCrypto, a few of the market’s noted entrepreneurs addressed how bullish Bitcoin is at the moment. Alex Mashinsky, CEO of Celsius Network, commented,
“I do think we will also re-test the $14-16k levels either over a weekend with low volume or with bad news hitting the street. That will probably be the last time most of us will have a chance to buy Bitcoin below $20k levels ever again.”
Catherine Coley, CEO of Binance.US added,
“When the Fed and other governing agencies across the world are seemingly OK with the effects of inflation on fiat currencies, we’ll continue to see the diversification thesis into BTC surge, with price breaking through key technical levels.”
Other experts attribute the rally to the many corporate investments in BTC this year. Recently, UK-based investment firm Ruffer announced that it has allocated approximately 2.5% of its multi-strategies fund to Bitcoin. On the other hand, Square’s Cash App and PayPal have reportedly been buying more than 100% of all newly minted Bitcoins.
Even Grayscale recently revealed that it had surpassed $13 billion in AUM and that the Grayscale team had raked in over $115 million in Bitcoin alone. Moreover, according to William Noble, Chief Technical Analyst at Token Metrics,
“All institutional buyers are not price sensitive anymore. They have to buy it before the year ends. If not, they will be seen as out of touch.”
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