According to CoinMarketCap, the price value of Bitcoin has claimed $18,800 after an exponential increase over the last few days. There are some factors that show the world’s leading cryptocurrency will continue to move higher after claiming $18,800, the highest level since 2018.
On the other hand, there are some technical metrics that predict a low range, such as the $14-$15k region, for the primary cryptocurrency. But the bullish metrics and fundamentals seem strong, which unveils new highs in the future.
Wall Street Entry
A few years back, some Wall Street institutions and personalities passed on very negative comments, and some called it even a scam project. But the time has changed, the top digital asset has crossed even payment giant Mastercard in market cap. This happens because Wall Street entities are now considering Bitcoin an important part of their investment portfolios.
Chief Investment Officer of BlackRock expresses his opinion about the primary cryptocurrency. BlackRock is the largest asset management firm in the world that has assets worth trillions of dollars under its management. According to BlackRock’s CIO, Bitcoin is “here to stay” and even claims it could replace gold.
It was reported in 2017 that the company was thinking to purchase the flagship currency, but it did not happen. After the latest comments, it seems the investment firm will soon join the crypto space.
The rally that starts from $14,000, and then stops stay at $16,000 on a temporary period, is now touching new highs standing at $18,800. The levels at $14,000, $16,000, and $17,000 are not acting as support levels. Due to the support of various levels, the price would easily claim $20,000, and it will not pose any threat of retreat. In 2017, Bitcoin traded at $20,000 for a short interval of time, but this time, the price will exceed this level in a major bull run.
The fundamentals around the primary cryptocurrency seem very optimistic. Due to the onset of the Coronavirus pandemic, there is a situation of economic instability, and fiat currencies are inflating leaving space for hedge instruments such as gold and Bitcoin.