The price value of Bitcoin reached above $24,000 over crypto trading sites but for a short period of time. It is now planning to claim $25,000 if supporters want to push value upward.
Historic Week
Over the past seven days, Bitcoin performed very aggressively as we see levels that were not seen in the entire history of the world’s leading digital currency. The most crucial psychological hyped level of the past three years also broke this week.
Some market observers in the crypto space speculated sell-off patterns for the top coin after approaching new all-time high values. But the current market situation is totally indifferent as the value seems to settles at around $23,000. Since yesterday, the price is hovering above $23 which shows crypto market participants are satisfied with it and do not see it as overpriced.
However, we cannot predict a price correction in the short term as there is a lot of uncertainty in the crypto markets. The institutional factors have played a great role in strengthening the position of Bitcoin in the list of top-rated assets.
According to market analysts, the next target of Bitcoin is to claim $25,000 which is not a hard task. With a slight injection of institutional funds, the value can easily claim the figure of $25,000. However, it is also possible that the flagship digital currency can witness a price correction soon as a result of massive selling on the part of whales.
At current, all fundamental factors are in favor of the top digital currency. The stimulus package will soon release for the US people that have a significant effect over the US dollar in losing its value. In an anticipation of high inflation due to the crushing on the US dollar, the US investment firms add Bitcoin to their portfolios. 51-billion investment firm Jefferies has bought Bitcoin after decreasing the gold allocation. The trend of institutional funds in crypto products started after the investment giant MicroStrategy invested over $400 million into Bitcoin.
Rich Dad Poor Dad author Robert Kiyosaki is an expert in giving investment strategy. According to Kiyosaki, the investment over Bitcoin will become your best bet in life as it is set to increase in value. He said:
“Glad I bought Bitcoin. Next stop $50 k. Wall of institutional money coming 2021. Buy below $20 k. If you missed Bitcoin, buy silver. Silver set to move due to AOC’s Green New Deal. America in trouble. Future bright for gold silver Bitcoin and entrepreneurs.”