In a recent push from bulls, Bitcoin has climbed above $35,000. The fresh new all-time registered just after three weeks when the price crossed $20,000.
According to CoinMarketCap, Bitcoin is currently trading at $35,106 after an increase of 15.50% over the day. In today trading session, the flagship cryptocurrency has reached $35,822 on cryptocurrency exchange Coinbase.
Two days ago, the analysts at JP Morgan made a bold prediction for Bitcoin. According to JP Morgan’s strategists, the value could reach over $146,000 in the long term.
Prediction of $40,000 by the End of Week
According to famous analyst Alex Krüger, the leading cryptocurrency could witness $40,000 by the end of the weak. The Senate election is going to happen in the state of Georgia, which will also set the future pace for cryptocurrency. In case of Democrats win, there are greater chances of inflation. And people always go for hedge assets when they confront high inflation. In the current situation, Bitcoin may prove as the best source of hedge asset. Krüger said:
“If GOP wins can see $BTC going for 30K. Markets still thinking Democrats win. I think so as well. Long bonds down, tech down and small caps up hint at Dems still winning in the eyes of most traders.”
Governments and central banks are two major driving forces that have pumped values of Bitcoin and other crypto coins. In 2021, the trend will not fade but instead will increase.
The whales rush in crypto space is also surging with the entry of institutions. In the latest post, analytics firm Santiment revealed that whales, holding at least 1,000 BTC, have touched a fresh new all-time high. There are about 2,323 whale addresses that contain at least 1,000 Bitcoin.
“There may not be a more notable bullish metric than one pointing to growing holders with $33.7M+ on the line,” Santiment added.
$1 Trillion Figure is not a Big Deal
The flagship digital asset’s market capitalisation has maintained its position at $673 billion, while the overall market cap of the crypto markets is standing at $945 billion. In 2020, the price value increased by more than 300%. Since the beginning of 2021, the value is also up over 21%.
The predictions of market analysts for $100,000 may come true this year. If we keep in mind the current market sentiments, the price would claim $50,000 in the next two weeks.