Bitcoin’s journey has been one heck of a rollercoaster since its beginning. Be it last year’s bear market ripping its prices to a shocking dip or this year’s surprising massive growth. Market analysts and predictors all over the world are sharing their insights over it. Recently, Trade99 analysts came up with the prediction that the world’s largest crypto is going to reach $20K mark by the end of this year. As per Trade99 analysts, this year is lucky for the crypto.
Reasons behind the upcoming rally prediction:
The strong prediction for the upcoming rally is based on some sound reasons. The analysts pointed at several deciding forces that are going to shape up this prediction to manifestation.
- These factors are based on technological development,
- Further, the massive adoption of cryptocurrency geopolitically (given the crypto world is expanding like the day-night continuum),
- Thirdly, the regulation-based shaping that is also scripting the crypto’s future.
- Also, the saturation which the traditional financial system is facing in terms of lack of transparency in transactions, third-party involvement, extra fees, lack of liquidity, etc., is acting as a force that is guiding people to adopt the crypto and explore the new-age digital currency’s ways.
- The boom in the crypto sphere and its promise for being the future currency has made several corporate giants such as Microsoft, Amazon, Starbucks, etc. to accept it as the mode of payment, is another reason, why a further expansion can be expected.
Crypto expansion is a matter of years, as it is a growing industry. But as of now, the analysts are pretty convinced on the growth of the crypto to reach $20,000 mark within this year. Already we see at many places when someone pays through fiat currency is looked at weirdly in places such as supermarkets or cafes when one doesn’t use card payment as a mode of payment. Similarly, that day is not far away when fiat currency or the card payment will be looked at weirdly if one is not using crypto payment. That’s the speed at which the crypto market is taking over the conventional payment modes.
Other market analysts do think that the recent growth of BTC was rather like a fluke that stemmed from the fear of missing out of the new financial trend. A sense of caution is advised by such market analysts to the traders and investors.
Why would BTC gain such a speedy growth?
Trade99 analysts further point out the reasons behind their prediction of such a speedy growth. The reason finds a reference from last year.
- If we look at the growth chart of BTC from 2018, we will find that within a matter of a week to two weeks, the price of the crypto managed to reach $20,000, starting from $11,800. Therefore, if BTC continues with its parabolic track, the prediction of Trade99 analysts is not far from manifesting.
- Another interesting point that differentiates this year’s BTC growth from last year’s is that last time the buyers’ crowd was a mixed crowd, which meant a range of fluctuations. But this year, with the growth in awareness around BTC, there are more institutional investors buying the crypto. The involvement of large-scale investors, with a history in crypto investments, promises a strong foundation to the growth of the crypto, as it will be based on serious and aware investors.
- The increase in the sell positions, a correction can be easily anticipated.
Recently, on 26th of this month, the BTC was at $12,000, which was a landmark it achieved after almost a year. Also, the crypto has managed to have more than sixty percent market dominance lately.