Bitcoin price has performed excellently over the past week during the post-Christmas weekend, as it managed to reach $28,000.
Bitcoin enters a new price stage after breaching the $28,000 level
was a performance Bitcoin price Excellent over the past week, especially during the post-Christmas weekend, as the currency managed to reach the $28,000 level and crossed it, recording all-time highs for a while, then entered a short-term bearish corrective phase resuming the recovery to reach its highest levels again today. Short term, with strong chances of it continuing its upward trend and reaching the $30,000 level soon.
Bitcoin price has seen massive growth over the past two weeks, as the coin hit a new record, rallying further after a short correction, and it most recently hit a high of $28,600, and although there isn't much time left in 2020, it could go higher. The leading digital currency once again and to reach a new level before the arrival of 2021.
Exceeding the market value of the company Visa
Over the past week, Bitcoin has seen massive price growth, most of which happened on the weekend right after Christmas. This allowed it to climb ever higher and surpass the next psychological barrier of $25,000, $26,000 and $27,000.
This indicates that the growing demand is increasing, the cryptocurrency is still being bought at an incredible price, its daily trading volume exceeds about $65.7 billion, and its market value has recently exceeded $500 billion, exceeding the market value of giant companies such as Mastercard, Samsung, Walmart and even Visa.
Warnings versus increased hopes
In the meantime, there were some negative expectations, some warned that regulators would have difficulty dealing with bitcoin, others questioned the possibility of currency exchange, and advised investors to sell as soon as possible, while supporters responded to those challenges, saying that the sudden rise in The price of the currency is bound to attract regulators.
On a more positive note, Bitcoin derivatives are at an all-time high, and even some June futures are forecasting a price of $30,000 per coin. Much sooner than June.
What will happen to bitcoin in 2021?
There has already been a lot of predictions about the price of bitcoin in 2021, the June futures are enough evidence that investors are still bullish and that many see this rally longer and more correct than that in 2017, which has since been said to be the product of price manipulation. .
It is clear that there is a significant supply shock caused by massive demand by institutional investors, and the scarcity of the currency ensures that prices will continue to grow if demand remains unchanged.
Bitcoin has the potential to reach $50,000 by the end of the first quarter of 2021, and rise to $80,000 by the end of June. Historically, the summer could bring a correction or more sideways trading, but overall the uptrend is expected to continue as the year approaches its end.
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.
Latest posts by محمد عبدالخالق (see all)
- Rare currency pairs in the Forex market - May 26, 2023
- Key tips for traders in Forex Market - April 20, 2023
- Axia offers investors the opportunity to trade the most popular local stocks - 12 September, 2022
