Bitcoin Price Rally Continues, Bulls aiming at $20k
After a temporary dip of early last week, the Bitcoin price has snapped back to trend, steadying above $19.3k with increasing trading volumes. Earlier on, Paul Tudor Jones said it is wrong for Bitcoin to post the current market cap when gold is valued at over $7 trillion and equities at over $100 trillion.
Bulls are in control and resilient. Despite earlier doubts and analysts calling for doubts, the Bitcoin price is backed by strong fundamentals. For instance, it is estimated that PayPal and Square's CashApp are conduits, wiping out all mined coins. Focus is on PayPal, a payment giant that recently said it would open up its over 350 million clients and 60 million merchants to buy select cryptocurrencies in 2021. Coupled with demand from institutions and renewed interest from retailers, participation is elevated, keeping prices higher and analysts' projections even higher.
Impact on the BTC Price:
Bullish. Hedge fund managers, banks, and billionaires are training their eyes on crypto and specifically Bitcoin. Unlike the craze of 2017 dominated by speculators and few channels, the 2020 rally is fanned by solid macro-economic conditions following the coronavirus pandemic.
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