Update on Bitcoin Price: What after the $14,000 chase?

Bitcoin has been showing an interesting graph lately after having been almost dominant for the last few months. Struggling between all-new lows since the summer began, it finally seems to have gathered the pace it had left behind back in the days. A revival after such a stagnation period has called for a lot of attention. The big question now is: What after this recent trend?

Bitcoin seems to have been going up on the price ladder, marking its way to the $14,000 price point. A lot of factors seem to have caused this chase uphill. Through October, Bitcoin’s price recorded a rise of approximately 20%. Such a trend came with enough gravity to invite the attention of all the crypto enthusiasts, sprinkling more momentum onto the crypto fad. Reaching the highest price point in the year by hitting $13,230 on the Luxembourg based exchange, Bitcoin called traders all around the world to discuss its power once again. It also gave long-suffering bitcoin bulls an all-new cause for celebration.

This latest rise demonstrated by Bitcoin came right after payment beast PayPal’s new announcement. As the company spoke about allowing its users to engage in cryptocurrency buying and selling options, the crypto market witnessed Bitcoin on the roll. The new features that PayPal discussed caused investors to reminisce 2017’s end-of-year run that was massive by all means.

Such a trend in the market brings only good news for those who believe in the power of cryptocurrency. Traders and experts all around the world took to the podium with expert comments. As a result, a lot of insight into Bitcoin’s current movement and momentum was achieved.

Is this the right time to invest in Cryptocurrencies?

The new trend in the crypto world that seems to have changed the graph of 2020 so far also calls for a lot of questions. For example, beginners all around the world are stuck with a major question: Is this the time to buy Bitcoin and other cryptocurrencies such as Ethereum, Litecoin, Ripple’s XRP, and Chainlink? The concern spread among traders and investors is justified considering the uncertainty of the crypto market. However, 2020 has been the year of wonders indeed when it comes to ending the stigma around virtual currencies. This has been topped with bringing about a sense of acceptance for these currencies.

2020 as a year is turning into the year of acceptance. With this happening, it is easier to envision 2021 as the year when we can hope for mainstream adoption. Expert Constantin Kogan believes that such a trend is bullish when it comes to the price of Bitcoin. It is also safe to think that BTC will stick to a strong bullish trend. So, when we see Bitcoin on the chase towards $14,000, it is fair to think that this will be an achievable price by year-end. This comes from the mere fact that all the positive news in the air hasn’t been absorbed by the market yet, making room for further growth and dynamics.

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Bitcoin had begun climbing up the ladder before PayPal’s announcement came along. This was further sent uphill by the remarks that were made by the chairman of the Federal Reserve on virtual currencies.

The recent good fortune that Bitcoin has been indulging in has brought back the memories of the 2017 surge. That was the time when Bitcoin marked its all-time high at $20,000 per coin.

Experts believe that we are all set to experience a similar mini-boom that will be comparable to the year-end trend of 2017. The prices haven’t yet caught up with the investor interest. However, it is only a matter of time before everything takes a more favorable shape by year-end. The end of 2020 could certainly bring some good news on the crypto front.

A common phenomenon in the market is also that of correction. Some experts believe that it is very likely for a correction to follow such a sudden surge. This could lead to investors and traders sticking to the news that there could soon be a return to volatility.

To see Bitcoin staying afloat above the $12,000 mark is a promising picture. This comes with institutional interest and further regulated adoption. 

Despite volatility being low, there has been a constant positive price action considering the recent attention. If macro uncertainty continues under the pandemic and the U.S. presidential elections happen to be around the corner, increased volatility is certainly a possibility.

About RJ Frometa

Head Honcho, Editor in Chief and writer here on VENTS. I don't like walking on the beach, but I love playing the guitar and geeking out about music. I am also a movie maniac and 6 hours sleeper.

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