Bitcoin has gone through the past days with higher prices at different points. Although many suggest that the digital asset will face a correction very soon, some analysts believe that the currency will climb further. The currency’s volatility makes it easy for it to move significantly from a price to another, either higher or lower.
Last year, the crypto stabilized around the $4,000 price range before the global pandemic affected pricing and made it $3,000. Since it beat its resistance point, Bitcoin became unstoppable as an asset and a store of value. When new buyers invested in the crypto last year, not many thought they would get large returns within the three-month range.
Bitcoin on the move upward
Some indications show that the cryptocurrency will move up the price scale. Bitcoin recently hit $40,000 yesterday, after it climbed from the $33,000 range to a comfortable $36,000. The new year brings many surprises and promises for the crypto space as new investors are readily putting in money to get returns from this profitable investment.
Based on the indications, Bitcoin reveals that its current price range not being overvalued makes it possible to add new thousands to its current price. Many institutional investors took an interest in cryptocurrency last year, standing as the year that witnessed wealthy entrepreneurs and businesses’ full support.
Current statistics explain that the oldest digital currency is still bullish even after its massive additions since early 2020. The currency moved upward significantly since it passed its $20,000 resistance point, which experts explained was stopping the asset from amassing value.
Since then, Bitcoin added up to $20,000. Stack’s Analysts recognized that there is no indication of an overvalued, and for now, the digital asset will not face corrections. The chart revealed a bull run for some time to come despite gaining 100% value within a short while. The statistics reported that the digital asset is not overvalued despite the recent increase in value.
What the NVT ratio means for Bitcoin
The new Network Value to Transaction(NVT) indication means that currency is ready to surge upward rather than dropping in value. Analysts reveal that the 2020/2021 price pattern is similar to the 2017 and 2019’s. Unfortunately, not many asset classes are performing as they should this year. Crypto markets and equities markets are different since they have not set a new record since their previous successes over the years.
Kraken, an exchange platform’s executive, Dan Held, opined that the digital asset’s price would skyrocket within the next few years. A crypto advocate even suggested that the investment could pass the $100,000 range by the end of 2021. The increasing hunger necessitates the numerous predictions for crypto by retail and institutional buyers.
Even payment giants endorse cryptocurrency by investing in exchanges or facilitating easy trading through their platform. Exchanges are recording higher daily volumes than they had previously witnessed since creation. Despite the controversial relationship with cryptocurrency, the J.P Morgan team predicted almost $150,000 for Bitcoin at the end of 2021.
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