CreditEUBank Makes Their Predictions: Will Bitcoin Continue to Rise?
Bitcoin’s evolution is definitely one of the hottest aspects of the crypto market for the last months of 2020. After a steady march, the cryptocurrency had an impressive spike and even topped its previous all-time-high from December 2017.
CreditEUbank offers the following professional insight into the current state of cryptocurrency.
The current rally is a pleasant surprise and an encouraging element for many investors. Still, given Bitcoin’s past evolution, the question remains: will it continue to rise to unprecedented levels, or was this just a temporary spike?
Bitcoin’s volatility makes it difficult to predict its future evolution based on its path in the past. Still, it can give us an idea of how the cryptocurrency reacts to various influences and how it evolves.
The previous unanticipated peak was in 2017 when it reached $19,783. It was a complete surprise, and it changed many specialists’ views on the subject. Unfortunately, we soon witnessed a striking crash, as Bitcoin managed to lose 25% of its value in a single day. As skeptical opinions started to gather, it stabilized and even had a new peak in 2019, of almost $14,000.
Despite beginning 2020 around $7,000, by October, the progress was already significant. Over the shifting global financial climate, the ascension that happened during the summer continued to an impressive level of $14,000 at the beginning of November. And then the numbers went through the roof, silencing skeptics and boosting investors’ hopes for the next year.
Why the Sudden Interest?
CreditEUBank has seen a few factors that have seemed to have pushed Bitcoin in the right direction in 2020, especially over the last months. First, among the changes that the pandemic brought is a transformation in the way the cryptocurrency is seen; it now seems to be closer to the safe-haven sensation that gold provides. And safe havens are even more attractive now, considering the increasing inflation and the possibility of extra stimulus.
The fact that PayPal and Square included crypto in their offering was another encouraging aspect, opening the crypto market to a higher number of potential users. And then, there’s the matter of who the prominent investors are. While in its beginnings, Bitcoin was seen as a bold and high-risk investment that only a few tried, we are now witnessing increased institutional investment.
CreditEUBank’s Steve Mcnally emphasizes, as always, there is no guarantee that Bitcoin is going to stick to the ascending path and not end up crashing or slowly descending. Still, if we consider the limited supply, the prices are likely to rise, both for Bitcoin and other cryptocurrencies. On the other hand, the Covid crisis has turned Bitcoin into a tempting investment for many individuals and companies.
Indeed, fluctuations are to be expected, given the highly volatile nature of cryptocurrencies in general. They can even be significant at some point, but unlikely to be strong enough to prevent Bitcoin from rising to an unprecedented and impressive level. With many investors accepting the risk, a price target of $50,000 for 2021 is not exaggerated. That could mean we are entering a crucial period for the crypto market when digital coins can be taken to the next level.
Article originally appeared on globalcoinnews.io