For Bitcoin traders, it seems that the crypt currency will not only reach $30,000 per BTC, but will even surpass that mark.
Once again, Bitcoin has recovered the upward path, reaching new historical highs almost every day. At the time of writing, it’s at $26,683 per BTC, on a path that seems to take Bitcoin Revolution to $30,000 in the next few weeks. However, nothing in the crypto market is guaranteed, so today we consider what traders think about the future of the price of cryptomoney.
Week in Crypto: Bitcoin does its best to record historical highs daily
The Bitcoin Upward Path
The entire crypto community was expecting a big rally in 2020. However, for most Bitcoin investors, this rally was to come during the first half of the year. After the third Halving in the BTC Blockchain slowed down the pace of expansion of the crypto money supply. And, with that, in the face of a stable or even increasing demand, the natural thing would have been an increase in Bitcoin’s price.
This did not happen, mainly due to the beginning of the decentralized finance fever (DeFi). It diverted large amounts of capital from the Bitcoin market to the various DeFi projects in the crypto world. So, although demand for Bitcoin from institutional investors was indeed increasing, the departure of traders prevented an increase in BTC’s share price.
A situation that was corrected when the DeFi bubble burst, causing investors to return en masse to the Bitcoin market. Allowing, along with the constant growth in the interest of institutional investors in cryptomoney, the beginning of this new great bullish rally in the price of BTC.
Bitcoin reaches 28k. Here is a forecast for next week
What do traders say about BTC?
For this reason, the main question on the minds of crypto users right now is: How long will this new rally last in the price of Bitcoin? And in the face of uncertainty, most traders are optimistic. For example, Messari founder Ryan Selkis remembers that he got a $2300 candle for the first time in over 8 years. A clear bullish signal for BTC.
The crypto-influencer known as Luke.hodl has responded with a survey asking when a $10,000 candle will be achieved. With most respondents betting on April-June 2021.
Max Keiser also joins this optimistic wave by reminding Pierre Rochard that the more BTC’s price increases, so will its demand.
An optimistic view that has also been held for months by trader Scott Melker. He celebrated today the arrival of Bitcoin at $27,000, clearly showing that, for traders, the big bullish rally at BTC still has a long way to go.