Recently, the bitcoin price surpassed the $13K threshold, as part of an unexpected uptrend. What makes this jump so special is the fact that it represents the highest value BTC has reached over the last 16 months. Many believe that this is the start of yet another bull run - although there may be some truth to this claim, it is too early to determine whether higher values will be reached in the near future.
This article will go over some of the reasons that caused this recent uptrend.
At this point in time, market data showcases that bitcoin is going through yet another bull run. In fact, it managed to surpass most of its recent yearly records, thus getting incredibly close to its previous all-time high of $20,000.
Right now, bitcoin is trading a little above $18,600. It is expected that this bull run will not end up in a massive correction that crashes the price and leads to another bear market. Things are drastically different this time around, and as part of this article, we will explore the main reasons behind bitcoin’s massive uptrend.
Over the last couple of weeks, bitcoin has been enjoying a well-deserved bull run, characterized through rapid price increases within a short timeframe. During the last 30 days, the cryptocurrency has managed to surpass its previous all-time high of $20,000, thereby establishing a new record of $41,940. The market was quick to celebrate, gasping in awe.
Fuelling the Bull Run
The bull run was fuelled by an overflow of capital deriving from institutional investors, and further consolidated through ongoing retail investments. Many analysts warned that this was a bubble and that a price correction was imminent, whereas others were firm in their belief that the bull run was only getting started.
A couple of weeks back when bitcoin first surpassed its previous $20,000 all-time high, many people thought that the coin would settle at a value slightly higher than its previously-attained record. However, the bull run had considerably more surprises in store for us.
After riding the uptrend wave to $40,000, bitcoin seemed to have settled in the mid $35K range, but yet again, this wasn’t all. Propelled by positive industry news and a true belief in its future as the world’s main digital currency, bitcoin has yet again increased, this time reaching an all-time high of $56,512. This places the coin on the clear path to $100K, and many analysts believe that this psychological barrier will be surpassed in 2021.
