Friday, July 30, 2021
Home Crypto News Analysis Bitcoin Battle To Cross 20,000 USD-Touched 19,860 And Still Above 19k-Why Bitcoin...

Bitcoin Battle To Cross 20,000 USD-Touched 19,860 And Still Above 19k-Why Bitcoin Bulls Are So Strong

- Advertisement -

Bitcoin reached a three-year high, exceeding $19,860 on most exchanges, but has not yet been able to overcome 20,000 USD.

On the evening of November 30, 2020, Bitcoin again stormed the $20,000 level, which it reached as close as possible on November 18, 2017. 

That is not the time for holders to celebrate. Reaching $19,840 – $19,870 on various exchanges, Bitcoin did not hold the bar and fell to $19,000, but then rose again. Fluctuations in prices will continue. But the bulls are unlikely to retreat, and they will start pushing the price up also.

Reasons Of Bitcoin Bull Rally

The bull rally of Bitcoin began in August after analytical firm Micro Strategy and several other companies started to invest in Bitcoin.

Quantum Economics analyst Jason Deane said that large companies that buy Bitcoins are more likely to hold them for the long term rather than selling them on the crypto exchange because of price fluctuations

His assumptions are confirmed by the words of MicroStrategy CEO Michael Saylor, who believes that Bitcoin is the best means to preserve values. 

In October 2020, MicroStrategy investments were followed by Square, owned by Twitter founder Jack Dorsey. Square bought 4709 BTC for $50 million, after which the rate of crypto-asset rose to $10,935. 

Later, the payment giant PayPal entered the cryptocurrency arena, announcing cryptocurrency support for American users. Perhaps the rapid rise of bitcoin was influenced by statements from large companies’ heads commenting on investments in this Bitcoin.

American billionaire Stanley Druckenmiller believes that investing in bitcoin is much more profitable than investing in gold. 

A week ago, the Director of the investment company BlackRock, Rick Rieder, also said that Bitcoin is a reliable mechanism that can replace gold. 

According to Binance Research experts, several other factors explain the growth of the Bitcoin rate. 

First of all, many investors see bitcoin as a protection against inflation. Given that governments of various countries continue to print money during the crisis and pandemic, because of which value of even the most stable fiat currencies is falling. 

It is not surprising that people are beginning to perceive Bitcoin as a protective asset. Increased regulatory control and the futures market’s development have become another factor contributing to Bitcoin’s growth.

Today’s cryptocurrency market is significantly different from what it was in 2017. Over the past three years, many companies that comply with strict regulatory requirements have obtained a license to perform brokerage activities. This has significantly simplified companies’ access to cryptocurrencies. We can say that Bitcoin is in uncharted territory, and it is impossible to predict what highs lie ahead if BTC breaks the figure of $20,000.

Read Also:

- Advertisement -
Albert Brown
Albert Brown has obtained his master's degree in Stock Trading And Investing. His specialty is analyzing the price actions of crypto and stock markets. Albert provides a major role in TheCryptoBasic as a crypto analyst. He is also known for his work on Twinkle Magazine and TipRanks.


Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Michael Saylor “Bitcoin Is Digital Real Estate And Is Now Held By More Than 114 Million People, Making It The Most Widely Held Financial...

Microstrategy CEO Michael Saylor always shows that he is a faithful supporter of Bitcoin. Microstrategy currently holds 105,085 BTC. Michael Saylor is among the...

Bitpay Adds Support For Litecoin And Newegg Becomes The First Merchant To Accept LTC Through Bitpay

BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, today announced support for Litecoin in the BitPay Wallet app. Consumers can buy, store and...

Yoroi Wallet To Release Dapp Connector That Will Allow Interactions Between Users And Dapps On Cardano Blockchain

Cardano (ADA) smart contracts are coming soon and so is its infrastructure advancing. window.coinzilla_display = window.coinzilla_display ||...

Ethernity Chain to Drop NFT of NAS’s Performance in South Africa on the 20th Anniversary of the end of Apartheid

Johannesburg, South Africa, 29th July, 2021, Ethernity Chain is proud to announce another unique NFT collection is coming to its ecosystem. This aNFT (Authenticated...

Wall Street Bitcoin Adoption Continues As State Street The Second-Oldest Continually Operating United States Bank To Offer Crypto Services

State Street Corporation, an American financial services and bank holding company, headquartered in Boston with operations all over the globe to Offer Crypto Services...

57,000 Bitcoin Left Crypto Exchanges In 24 Hours Showing Bullish Sentiments Along With 465,000 Bitcoins Transferred Between Coinbase And Unknown Wallets

BTC saw the largest outflow of funds in one day from crypto exchanges. Nearly 57,000 bitcoins were left crypto exchanges.  ...

According To PayPal CEO, Paypal Crypto Super App Is Code Complete And Will Launch Soon

PayPal, World Top payment provider company, has stated that its users will not need to wait longer for great crypto functionalities app coming soon.

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.

follow us in feedly