So far, 2021 is a very profitable year for bitcoin as well as anyone holding the coin, of course, there have been quite a few hiccups.
Bitcoin rises strongly to retest the psychological level of $60,000
So far, 2021 is a very profitable year for Bitcoin as well as anyone holding the coin, of course, there have been quite a few hiccups, and the price has seen strong corrections every now and then, yet the coin hit three all-time highs this quarter alone.
The first, it was in the early days of the year specifically on (January 9) when the leading digital currency first reached $ 40 thousand, the currency experienced a correction after that, which turned into a rally that led to its rise to $ 58 thousand on (February 21) around (February 21) Now, the coin hit $61.8K on (March 13th), and although it has fallen a bit since then, it will probably only be a minor correction like above, stopping at the first stronger support it meets.
seem Bitcoin high In the early hours of Saturday (March 13) to reach its price of 60 thousand dollars by midday, after stopping briefly at this level, the currency advanced and continued to rise until it reached 61.8 thousand dollars, as it began to struggle to rise more, and instead of However, it started slowly falling back to $60,000 which it now tried to hold, however, the support fell on Monday morning and it fell back to $58,000.
It continued to fluctuate until Wednesday morning, reaching $54,000 as the crypto market awaited the decisions of the Federal Reserve's meeting, and Bitcoin surged more than 7% to $58,000 from an intraday low of $54,000, as the broader crypto market welcomed key words. Reserve Bank “Jerome Powell” after reasserting that interest rates will remain at current levels until 2023, along with Bitcoin, Ethereum and other altcoins rose to compensate for this week’s losses.
Bitcoin's Rise Driven by Positive Developments
Bitcoin price growth is no surprise after all that happened over the past week, the coin has attracted a lot of attention by receiving its third ETF (Exchange Traded Fund) in Canada, while the US still doesn't have one, moreover, it was launched by Galaxy Digital from Mike Novogratz which is a very reputable company.
Institutional interest in the leading currency has never been higher, Goldman Sachs predicted a massive amount of crypto use in the near future, while JPMorgan, known for its warning about Bitcoin over the years, recently launched its own crypto product, the consequences of the interest continue to linger. Creating strong currency bullish waves, recent reports reveal that Valkyrie is hoping to launch an innovative balance sheet ETF, backed by companies investing in Bitcoin.
Where will the price go?
The leading cryptocurrency has outperformed all expectations over the past few months, with some expecting it to reach $50,000 by the end of the first quarter, but the coin managed to hit it long ago and even crossed the next support level of $60,000.
That is why it is clear that Bitcoin may reach $70,000 soon, and it may reach $100,000 by the middle of this year, which may happen in light of the continuing favorable environment for the rise of cryptocurrencies.
A professional technical and economic analyst in global financial markets since 2004. He holds a Master’s in Business Administration from the American University in Cairo. He works as an economic writer and technical analyst for many international financial companies. He writes daily economic and technical analyzes for many Arabic and English websites specialized in the field of stock exchanges and financial markets.
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