While bitcoin continues to “stomp” and “push” around the level of $ 60,000, analysts continue to predict the future value of bitcoin. Many experts of the cryptocurrency market note that April has always been a good enough month for “digital gold”, thus, the growth of the number one cryptocurrency will continue. According to the company’s calculations, bitcoin can grow to $ 90,000 per coin in April. However, according to the experts of the exchange, a serious correction should first follow – at least by $ 10,000. The company’s report also says that in March, bitcoin rose by 30% and shows an increase of more than 10% per month. Thus, the company concludes that the upward trend is likely to continue.
Meanwhile, CoinShares (which is the largest company in Europe by the amount of bitcoin) has published its financial report for 2020. According to this report, the company’s profit doubled due to bitcoin investments. The company’s total profit increased to $ 22.4 million, which is 2 times higher than in 2019. The company’s assets grew almost 3.5 times in 2020 and now amount to $ 2.4 billion. “The fourth quarter of 2020 will be remembered by the world community as a turning point for bitcoin and other cryptocurrencies. The world has begun to recognize them as a genuine asset class. This new class of financial services has begun to attract institutional capital on a large scale,” said CoinShares CEO Jean Marie Mognetti.
At the same time, various experts tried to explain why bitcoin has not been able to update its highs for more than a month. According to Michael Ross-Johnson, director of the crypto platform Chatex, the news background is to blame. According to the head of Chatex, if a new positive background arrives, then bitcoin will be able to continue its growth. However, the news background should be really strong and positive, as bitcoin is already trading very expensive. Some experts believe that in 2021, the prospects for bitcoin will depend entirely on the mood of large and institutional investors. According to some, when the crisis is over and the economy recovers, investors may want to return to traditional and low-risk investment tools. Thus, the outflow of investments from the cryptocurrency segment may begin. However, for such a development, the majority of investors must want to sell bitcoin and buy stocks and bonds. At the same time, if the world is faced with a full-scale third “wave” of the COVID epidemic, it could provoke governments around the world to provide even greater financial support to their economies. And investors in this situation will continue to flow to the crypto market in the hope of protecting their capital from depreciation and inflation. In this case, bitcoin will continue to grow.
There is also an opinion that everyone who wanted to buy bitcoin has already done so. The cryptocurrency is heavily overbought, so it is difficult for it to continue showing growth. There is no influx of new investors, and the forces of existing buyers and owners of “digital gold” are no longer enough to continue the growth of quotes. Plus, the current value of the “cue ball” – is high and already a very small number of new investors are ready to buy it at such a cost.
The material has been provided by InstaForex Company – www.instaforex.com
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