Bitcoin rose 9% on Saturday, climbing above $ 7,000 for the first time since last October. Experts believe that the price of the world's largest encrypted currency will continue to rise to the level of $ 20,000.
The price of Bitcoin almost doubled this year, confirming its volatility after the 2018 bruises. Last year, it lost nearly three-quarters of its value amid tightening regulation around the world.
Positive Outlook
Canaccord Genuity said investment banking and wealth management in a research note. "The currency of the Bitcoin began to shape the bottom of the 2019 spring we started last year, although a closer look at the chart indicates that the recovery may move slightly ahead of itself." If we look ahead, if the currency of the Bitcoin continues to follow the same direction, The implication is a slow climb to its highest level ever at nearly $ 20,000 and theoretically reached that level in March 2021,
Analysts and traders said the weekend's massive move was apparently not the result of any immediate news factors.
David Thomas of Global Block, the London-based Cryptocurrency broker, said breaking a key support level of $ 6,000 last week had increased interest among investors. Other participants in the market said that perceptions of the flexibility of the work of the BItcoin following the theft of $ 40 million last week from the main Binance Stock Exchange support the general feeling that the cryptocurrency markets fell in the previous week after security breaches.
Small Corrections
On the other hand, the Bitcoin experienced a few crazy days in the market, rising to as high as $ 7,500 in an equivalent move. Now, the BTC is trading just above $ 7000, after falling by about 5% in the past 24 hours. The rise in the currency of the Bitcoin seems to have lost some strength, and traders believe that we may see further declines in the near future.