Bitcoin price surged past the monthly resistance at $13,800 to hit $14,000 on the day – its highest level since January 2018.
Today Oct. 31 also marks 12 years (2008-2012) since Satoshi Nakamoto released the Bitcoin whitepaper, detailing the concepts of the cryptocurrency’s creation – an invention which has gone on to become a valuable asset.
Twelve years on and Bitcoin (BTC) has taken a major path to the moon.
At this time, interest from institutional investors and big companies such as PayPal and MicroStrategy have fueled an increased price rally; as major financial institutions look for a share in the Bitcoin and cryptocurrency market.
Fact: In October 2020, Bitcoin increased by 20% (Up $3,500 this month alone).
Bitcoin price surged to $14,100 today and was immediately rejected which caused a quick fall to the $13,800 region.
It is expected that BTC will consolidate below $14,000 and continue the move up once its stabilized.
Many investors and analysts are already eyeing a repeat of the massive gains of November/December 2017 which saw BTC hit $20,000 all-time high.
“2020 is fast becoming the year of crypto acceptance and we see 2021 as the year of mainstream adoption. All of this is bullish for the price of bitcoin and it’s safe to assume that bitcoin will remain a strong bullish trend. We believe a year-end price beyond $14,000 is easily achievable as the market hasn’t fully absorbed all the positive news.”– Constantin Kogan, managing director at digital asset manager Wave Financial
A section of market analysts also expect increased volatility for Bitcoin in the coming weeks, due to factors like the upcoming U.S. Presidential elections, stimulus packages, and a second wave of COVID-19 sending countries into lockdown.
In all, Bitcoiners remain in a positive mood as positive news fills the space prompting very bullish price predictions for the coming months.