Posted 9 months ago | by @devadmin
Bitcoin has bursted through $20K as we officially enter into a new bull run and price discovery mode has been activated.
Bitboy Crypto has been telling you for months that Bitcoin’s infamous 4-year cycle was getting ready to enter the bull market phase. Listen to Ben from Bitboy Crypto discuss the recent market moves in the video below.
What caused the price to push above $20K? That’s anyone’s guess but as Ben explained in a recent video trying to attribute news to market price is more psychological than anything.
However, these are the news events that could have spurred the market to go into full bull mode in no particular order. Starting off we have the CME Group announcing an Ethereum futures product, Ruffer investment confirming a massive Bitcoin investment of $744m purchased in November shifting money from gold to Bitcoin, Fidelity announcing that its Bitcoin custody business has been ‘incredibly successful,’ and finally, American Express Co’s venture arm stating it will be investing into FalconX cryptocurrency trading platform, all signs that large financial services providers are getting their feet wet in the cryptocurrency market.
If none of that is it, perhaps it was Jim Kramer the host of Mad Money and co-founder of The Street stating that he would begin allocating into a Bitcoin position or maybe it was JPMorgan analysts predicting Bitcoin will soon face significant demand following a recent $100 million purchase by MassMutual concluding that traditional investors, including pension funds, will jump into the cryptocurrency game where they estimate a sum of $600 billion could enter the Bitcoin market, as Bitboy Crypto reported.
Whatever the news may be that sparked the push above $20K, Bitcoin has now officially entered into price discovery mode and the sky is the limit. We are finally here many of us have waited since the beginning of 2018’s bear market to see this day.
Bitcoin surpassed its previous peak price of $19,920 set on December 1st earlier this month as Bitboy Crypto reported. The number one cryptocurrency struggled to get above $19,000 before Thanksgiving only to see a -15% correction. However, Bitcoin quickly bounced back trading in $18,000 range and then recovering to $19,000 only to break all-time highs briefly earlier this month. Bitcoin traded as high as $19,860 on some exchanges according to on-chain metrics on December 1st. Bitcoin has now officially broken $20K with a sure fire breakout.
This year alone, since Bitcoin’s yearly low in March, Bitcoin has rallied more than 400% until now. This marks another milestone in Bitcoin’s impressive 2020 run which saw a dip of as much as 50% in March.
Bitcoin is currently trading at [FIAT: $20,615.69] UP +6.5% in the last 24 hours according to Coingecko at the time of this report.