Bitcoin continues to rise trying to target $16000 again
Last Updated on November 12, 2020
Crypto Market Overview
Bitcoin Price Outlook: 12th November 2020
At the moment, the outlook for Bitcoin price looks very promising in the next few years.
As last week was incredibly bullish after the currency jumped to its highest level since January 2018
Near $ 16,000 to stay within walking distance from its all-time high of less than 20%.
Increasing institutional interest in Bitcoin
The crypto achieved an increase in its prices by more than 33% during the month of October.
After closing its transactions above $ 13,800, after stabilizing for a period of time around the level of $ 11,200, to record the largest monthly increase in its history.
As Bitcoin sentiment continues to rise after the uncertainty brought about by the US presidential election.
It appears that institutional investors are becoming more interested in the crypto market.
At the end of last month seeing the Bitcoin-backed Grayscale Trust saw record inflows of $215 million (15907 Bitcoin) outstripping all weekly flows that occurred.
At the current rate, it is estimated that Grayscale is on track to retain 500,000 Bitcoins by the end of 2020.
In addition, companies such as MicroStrategy, Square, and Stone Ridge have purchased bitcoin as their backup storage, driving their revenue growth in the year 2020.
The increase in institutional investment is also evident in bitcoin futures on the Chicago Mercantile Exchange, where the trading volume of 6,700 futures contracts is about 75% more than the average in 2020 so far.
Macroeconomics is contributing to the upside
Macroeconomic factors such as re-closures as a result of the expansion of the second wave of the Coronavirus.
In Europe and the United States will have a large inflationary effect and this will lead to huge results such as printing money.
There is a growing concern about the potentially harmful effects of inflation on fiat currencies, especially the dollar.
In addition to these recent major developments, online payments company PayPal announced that it will launch cryptocurrency payment services in early 2021.
Even JPMorgan’s forecast has turned bullish for the leading cryptocurrency, saying the asset has a potential bullish trend in the long run if It was competing closely with gold as an alternative asset.
Bitcoin has already increased by more than 115% since the start of the year compared to the gold that has risen less than 30% and the S&P 500 has gained around 8%, and this means that Bitcoin offers investors a real opportunity to make gains from their money instead of risk-free assets like Cash that returns negative return.
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