In the first three days of 2021 Bitcoin already rose by more than R$ 30,000 and went up from R$ 180,000, also registering a new historic high above US$ 34,000
Bitcoin’s price has already risen more than R$ 30 thousand in 2021 alone and the value of BTC exceeds R$ 180 thousand in BrasilNOTÍCIAS
The year 2021 has barely begun and has already brought very positive news for the price of Bitcoin.
Thus, only in the first 3 days of the year Bitcoin valued more than R$ 30 thousand, going from R$ 150 thousand on January 1st to more than R$ 180 thousand this Sunday, 03.
This way Bitcoin has been registering a new price record every day with traders wondering how far this high can go as resistance levels are being easily broken and followed by highs above 10%.
With respect to its dollar value, Bitcoin has also broken resistance levels and recorded a new high above $34,000.
This boost has made analysts review their predictions that previously scored Bitcoin close to $50,000 by the end of the year.
Many now believe it is possible to reach US$100,000 by the first half of 2021.
What is pulling this high?
Although it is difficult to ‚drive‘ exactly the catalyst for this recent Bitcoin high, the main consensus among market experts is the strong institutional demand.
Large institutional investors are investing billions in Bitcoin seeking exposure to crypto.
Recent data also indicate that Grayscale and PayPal together are buying over 200% of the new mined Bitcoins, i.e. their purchase demand is twice as high as the number of new BTCs entering the market.
Thus, as the demand for Bitcoins is on the rise and there are hardly any ’new‘ Bitcoins in the market there is a greater shortage of crypto.
For analyst Rakesh Upadhyay, as traders had no trouble keeping the price above $30,000, Bitcoin could continue its rise to $37,000.