Analyst Reveals Why Current Bull Run is Different from 2017 Bull Run
The current Bitcoin (BTC) bull run has been remarkable, with the leading coin surging in recent weeks and hitting milestones. Bitcoin recently broke its all-time high, and bets are open when it finally crosses the symbolic $20,000 mark.
Different Reasons Unlike In 2017 influence Bitcoin Bull Run
Although Bitcoin is hitting similar highs of 2017, the bull run is different, according to Pierce Crosby, CEO of TradingView. In a recent interview, Crosby shared his thought on the current bullish run and noticed new trends.
He first explains that bitcoins are now distributed over a much larger number of accounts than in 2017. This means that the bull run is based on collective actions and not a reduced number of investors, as was the case before. “The number of accounts has grown enormously. Just for Coinbase, we now have 30 million accounts. “he said. However, there is a limitation to this idea, as it was revealed last month that just 2% of accounts control 95% of Bitcoins in circulation.
Crosby further pointed to the increased investment in Bitcoin by institutional investors. Microstrategy and Square have made major investments in 2020 that has surprised many in the blockchain industry. This has been attributed by some quarters as being responsible for the recent bullish run.
Finally, the CEO of TradingView believes that it is also necessary to take into account the new use cases of cryptocurrencies. He identified decentralized finance as a major driving force in the latest bullish trend. “There are now thousands of apps built on top of various blockchains in the ecosystem. They also play a key role in stabilizing price drops.” He concludes.
How Far Will Bitcoin Go?
The increasing conclusion from many analysts is that we are in the middle of a bullish run for Bitcoin. However, an underlying question that has been making the rounds within the crypto community is how far Bitcoin will increase in price.
There have been forecasts in recent weeks, with Citibank placing it at $300,000 by 2022. The Winklevoss brothers also predicted that BTC would hit $500,000. At the time of writing, Bitcoin is valued at $18,827 and is currently down 2.33% in the last 24 hours. It remains to be seen whether the leading coin will hit such levels proposed by key stakeholders.