Bitcoin continues to trade above record highs this month. Its price is now around $ 35,000 – up about 78% from last month and 305% from last year.
Katie Stockton, a technical analyst for Fairlead Strategies, said Bitcoin has extended its already steep uptrend to new record highs. The signs of fatigue that emerged in December faced absorption by a brief period of consolidation, and there are no active signals for sell signals.
Since December 31, Bitcoin realized volatility increased from 55.5% to 63.3% on Monday, which is not uncommon with traders still tracking it..
Bitcoin Surpassed Critic Analysis
BTC was just a marginal investment at the start of last year that billionaire Warren Buffett dismissed as worthless. However, by year’s end, Bitcoin had nearly quadrupled to a record high of $28,000 and was the focus of talks between major investors and Wall Street firms.
Some BTC proponents see cryptocurrency’s success and blockchain network as validation of the unique technology that can change finances forever.
However, changing the history of bitcoin’s price in 2020 is increasing acceptance as a hedge against possible currency devaluations. It could be due to coronavirus-related payments from central banks and governments worldwide in trillions of dollars.
Through all of this, the performance of Bitcoin eventually caught the attention of major traditional financial players, including JPMorgan Chase, BlackRock, AllianceBernstein, Morgan Stanley, and Tudor Investment. They then bought billions of dollars of previously neglected assets and lauded them with bullish signs.
BTC Might Hit $45,000 Soon
Bitpay CEO Sonny Singh believes the BTC price could hit $ 45,000 in the next month but is cautious about the role institutional investors will play in Bitcoin’s future.
In his previous prediction, he had stated that Bitcoin would hit $ 30,000 in the next three months, accepting the unexpected turn of events as it hit $ 30,000 in twenty days. Because the selling pressure is shallow at the moment, he predicts that by the end of January, the price will be over $ 40,000 or $ 45,000.
Big players’ interest in bitcoin began to grow in the second half of 2020 as MicroStrategy, Square, and MassMutual invest heavily in bitcoin. They invested $ 100 million, but that’s not a lot of money for them, so they will not sell next year or two or five years from now. It makes another pointer that the Bitcoin price will maintain.
Singh added another prediction that suggests that governments and citizens will buy cryptocurrencies when Bitcoin reaches a significant price. Two years ago, he said the concept of companies adding BTC to their balance sheets was redundant, but now big institutions hold Bitcoin.