19/11/20

FINTECH: Bitcoin soars past $18,000 in 3-year high.

As published on internationalinvestment.net, Thursday 19 November, 2020.

Bitcoin hit a three-year high today and all signs point to 2021 being a full on bull run for investors.

The world's biggest cryptocurrency jumped above the $17,881 last recorded in December 2017 and predictions of soaring prices in the next year look well founded. In October Nigel Green, CEO of deVere Group, predicted: "There's a growing sense that we're set to experience a mini-boom similar to that at the end of 2017."

Bitcoin traded to a high of $18,492 on Wednesday, prompting some analysts to warn of a pending correction.

The Bitcoin all-time high of more than $19,000 came in 2017 and some cryptocurrency experts believe a valuation of $30,000 next year is "highly realistic."

"While the Bitcoin price has been in a downturn for much of the past three years, there are several factors to have occured this year to give us confidence things are about to change dramatically. A $30,000 Bitcoin is highly realistic," said Lee Hills, CEO of blockchain regulation specialists SolutionsHub.

"We're likely to see a correction in mid-January but this is somewhat traditional and there's no getting away from the fact the excitement among investors is palpable."

"We're seeing encouraging signs in other cryptocurrency tokens - altcoins - and the depth there is similar to 2017."

Hills added: "Of course, new factors are providing meaningful variables, such as institutional investors and availability of banking services, improved security, insured custody and numerous other factors not prevalent during previous post-halving periods."

"As Bitcoin and other cryptocurrencies become more widely adopted and trusted, demand will soar and 2021 promises to be quite a ride."