Keep going up! Bitcoin may break through its all-time high next week!

According to Bitpush data, Bitcoin, the largest cryptocurrency by market value, continued to soar on Friday, with the price approaching $18,800 at one point, an increase of 4%.

Bitcoin’s performance this week has been perfect, with an astonishing 17% increase. Now the price of Bitcoin is less than 10% away from its all-time high in 2017. If Bitcoin can maintain its upward trend this week, it could create a new all-time high as early as next week.

Currently, Bitcoin has encountered a small amount of resistance below $19,000. Once it breaks through this resistance level, Bitcoin is very likely to set a new historical high in one go.

The macro factors that have driven Bitcoin prices higher in the past few weeks are still in effect. Bitcoin continues to attract the interest of institutions, Wall Street and entertainment celebrities. PayPal makes it convenient for more individual users to invest in Bitcoin. Governments and central banks are still promoting economic stimulus and quantitative easing policies, and the inflation of fiat currencies continues.

The direct factor driving the rise in Bitcoin prices in the past two weeks is the progress made in the development of the COVID-19 vaccine. Pharmaceutical giant Pfizer said that its application for emergency use authorization of the COVID-19 vaccine is now being processed by the U.S. Food and Drug Administration. It is expected that by 2020, the company will produce 50 million doses of potential COVID-19 vaccines worldwide and 1.3 billion doses by the end of 2021.

However, the risk of a potential pullback in Bitcoin prices still exists. Bitcoin is flowing back into cryptocurrency exchanges, and as prices rise, the possibility of speculative selling is increasing.

Overall, the current market sentiment remains optimistic. Guy Hirsch, an executive at eToro, said, "Market sentiment is now quite optimistic, and many indicators such as social media, trading volume and search volume are at or near historical highs, which are clear indicators that a long-term bull market is beginning."

Hirsch said that the high point of this round of Bitcoin bull market may be between $25,000 and $30,000. He mentioned that "if Bitcoin can break through $20,000, it is very likely to reach $25,000 before the end of the year."

DCG founder Barry Silbert also announced his bullish stance on Bitcoin on Twitter.

He mentioned, “The reason why I am bullish on Bitcoin is that our research shows that millennials are most inclined to consider Bitcoin investment, so this may be a huge market opportunity for Bitcoin. In the next 25 years, the wealth transferred from baby boomers to Generation X and millennials may be as high as $68 trillion.”

MicroStrategy CEO Michael Saylor said on Twitter that Bitcoin will gradually replace gold as a store of value.

He wrote, “Thousands of years ago, we sailed across the oceans in wooden ships and used gold coins to store value. With the invention of steel, wooden ships became decorative yachts. With the invention of Bitcoin, gold coins will become decorative jewelry.”

According to an earlier report by BitPush, Rick Rieder, an executive at BlackRock, the world's largest asset management company, said, "I think cryptocurrencies will exist for a long time, and digital payment systems are real. Bitcoin is much more useful than gold."

As the price of Bitcoin rises, its market value has reached $337.7 billion, a figure that also exceeds the market value of payment card company Mastercard.

Image source: pixabay

AuthorXiu Mu

This article comes from Bitpush.News. Reprinting must indicate the source.

Disclaimer: All articles on Bitpush only represent the author's views and do not constitute investment advice. Investment is risky and the consequences are at your own risk.