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Bitcoin Reaching $150000?

By AMarkets CompanyCryptocurrencyMar 18, 2021 08:58AM ET
Bitcoin Reaching $150000?
By AMarkets Company   |  Mar 18, 2021 08:58AM ET
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After a wild weekend, when the world’s popular cryptocurrency refreshed its all-time high, exceeding $60,000, the general market euphoria gave way to corrective sentiment. As a result, Bitcoin dipped 10% and retreated to $55,000 support. It is worth noting that other altcoins, which often follow bitcoin’s trajectory, have shown similar dynamics. Ether, for example, rose 11% to $1,900 on Saturday, but dropped to $1,750 by Wednesday, also losing about 10% of its value.

Commenting on the recent rally that sent leading crypto assets to new highs, most experts agree that retail traders were the main driving force behind this bullish sentiment. While institutional investors have played their key role in driving Bitcoin by more than 750% since the beginning of 2020, the contribution of retail investors is also rather significant.

Market participants noticed that a new wave of BTC purchases coincided with the resumption of the bullish rally in the US stock market, which was triggered by the decision of the US authorities to take additional monetary stimulus measures. First of all, the volume of the next monetary injection aimed at backing the economy amid the ongoing COVID-19 pandemic is striking. We are talking about a $1.9 trillion relief package, which is nearly 10% of US GDP. The most important item of this package is direct payments to citizens - $1,400 per-person checks to households across the United States. Deutsche Bank (DE:DBKGn) analysts predict that at least 40% of the US aid package could go directly to the stock market. Considering that $1 trillion has been allocated to help the population, the stock market may receive about $400 billion. Part of these funds will definitely reach the crypto industry.

After conquering the $60,000 barrier, bulls seem to be seriously setting their sights on the key $100,000 mark looming on the horizon. Bitcoin is getting expensive very quickly. Just in February, it broke the $50,000 mark. And in less than a month, it has managed to add another $10,000.

Rising inflation and unprecedented action taken by national governments to fight the deadly coronavirus pandemic keep supporting Bitcoin. The threat that conventional fiat money is facing an inflationary collapse, is quite real. In this scenario, both fund managers and individual investors will be doubting the stability of the existing financial system and may prefer to rebalance their portfolios, increasing the share of crypto assets to 10-20%. We are talking about several trillion dollars that will support the capitalization of the bitcoin market and may well send BTC above $150,000.  

Bitcoin Reaching $150000?

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Bitcoin Reaching $150000?

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