The $ 60K line is still an insurmountable obstacle on the chart for Bitcoin buyers. Over the past few days, the cryptocurrency has been actively trying to break through to a new all-time high, but all attempts have been in vain.
Today, the value of BTC is $ 57,977, which is 1 percent less than a day ago. However, even despite the local drawdown, many analysts remain optimistic about Bitcoin’s near future. Experts believe that the main cryptocurrency will set a new all-time high in the second quarter of 2021.
As a reminder, expectations from Bitcoin are really high. Over the past year, the reputation of the cryptocurrency has improved significantly, because companies with world names have begun to invest in it on a large scale. Tesla was included in the list of the latter, but MicroStrategy remains the leader here.
The analytical giant regularly buys BTC and replenishes its own blockchain asset reserves. During the week, MicroStrategy representatives purchased an additional 253 bitcoins for $ 15 million in cash at an average price of $ 59,339. The company currently has 91,579 BTC, with an average coin value of $ 24,311.
This is what the top public companies look like with BTC in their investment portfolio.
Against the backdrop of what is happening, even bankers believe in a significant increase in the popularity of cryptocurrency. For example, JP Morgan experts are betting on the BTC jump to $ 130,000. More information about their point of view can be found in a separate article.
What will happen to Bitcoin next?
On the eve of the analytical platform Bloomberg Intelligence published another forecast for the crypto market and an analysis of what is happening in it. According to the details of the report, the rise of Bitcoin to the line of 80 thousand dollars in the second quarter of this year is much more likely than the fall of BTC to 40 thousand dollars over the same period. Here is a quote from the report, in which the experts shared their findings from the observation. The replica is given by Cointelegraph.
The adoption of the main cryptocurrency as a global reserve asset, as we can see, has crossed the main threshold and the market wave is picking up. This scenario has shifted the focus of our analysis for 2021 towards more technical indicators from a wide range of fundamentals and network indicators over the past few years.
That is, the situation with Bitcoin exceeded analysts’ expectations. In this regard, they are inclined in favor of further growth in the value of the asset, and not its collapse.
Bloomberg senior analyst and report writer Mike McGlone is well known as a fan of Bitcoin and cryptocurrency growth. He is not going to abandon his long-term beliefs: according to the expert, globally, the main cryptocurrency will continue to grow. McGlone also noted that now Bitcoin, as a reserve asset, usurps the growth potential that was previously «reserved» for gold. Cryptocurrency will not be able to completely displace the precious metal, but already now its share in the investment portfolios of large investors is rapidly increasing.
There will always be a place for gold in jewelry and coin collections. However, most indicators point to an accelerating pace of metal replacement with Bitcoin as a store of value in investor portfolios.
Even the United Nations Children’s Emergency Fund (UNICEF) will benefit greatly if Bitcoin’s rise in price does not stop soon. The organization recently announced the receipt of its largest institutional donation in cryptocurrency. A total of $ 1 million in BTC will be transferred to the UNICEF cryptocurrency fund, Decrypt reports.
Huobi Charity Limited has already donated 7 BTC worth about $ 350K at the time of donation. Exchange Huobi will donate the remainder of its million dollar donation to the charity’s Innovation Fund over the next three years.
Earlier, UNICEF has accepted 2,267 ETH for $ 4.77 million and 1 BTC for $ 59,000 since the launch of the crypto fund from the Ethereum Foundation and the publisher of cryptocurrency games Animoca Brands. Meanwhile, the UNICEF Innovation Fund uses both cryptocurrencies and conventional currencies to invest in projects based on open source technologies that can benefit children. We are talking about blockchain and virtual reality.
We believe that Bloomberg’s point of view truly reflects the current situation in the coin market. Cryptocurrencies are now not just a speculation tool that allows you to make money. Now you can, among other things, buy a Tesla car for BTC, and it is absolutely legal.
In this regard, it is not surprising that analysts are counting on further growth in BTC. After all, the more popular an asset, the greater the demand for it. And this directly affects the cost.