Bitcoin (BTC) Hits Record Above $20,000 – What’s Next?

News / 16.12.2020

Bitcoin has surpassed the $20k mark in what is a major landmark event for the leading currency. In surpassing the $20k mark, Bitcoin set a new all-time high surpassing the one recorded on November 30.

Major Milestone For Bitcoin

This is a major milestone for the leading coin after three turbulent years on the markets. Bitcoin’s current bullish run has been nothing short of remarkable considering the economic climes. Bitcoin has been able to navigate past the Covid-19 pandemic that crippled global economics.

Furthermore, the leading currency also suffered a major blow in March when it hit a yearly low of $3,400. Since then, Bitcoin has embarked on an extended bullish run that has seen the coin break several records on the way.

Indeed this latest move above $20,000 follows two previous rejected attempts at the beginning of December. In just two months, the price of Bitcoin has doubled from $10,000 in early October to $20,000 today. Its market capitalization has also reached $375 billion at the time of writing, A capitalization that greatly exceeds the $319 billion recorded in December 2017.

 What Next For Bitcoin?

The future of BTC price is uncertain as it is entering a phase that it has never explored before. This makes it difficult to make accurate predictions, as there are several questions to answer. There could be a major correction, as seen in 2017, or a continuous surge in price.

Either way, the current situation is different from 2017, where the $20,000 mark began the crypto winter. Bitcoin is in the right conditions to thrive from a fundamental point of view, as seen by recent events. Institution adoption has increased in recent months as investors turn their investments into digital gold.

There has been a major purchase from top investment firms like MicroStrategy and Grayscale. A recent report from JP Morgan revealed that BTC is considered a more attractive investment by financial institutions. Now let’s keep our fingers crossed that Bitcoin’s price does not correct immediately and find new supports beyond $20,000. The situation will turn out to be tense in the days to come.

Olowoporoku Adeniyi is a blockchain enthusiast and crypto evangelist. Currently he loves all things crypto and covers happenings within the blockchain space.