Could bitcoin be worth a massive $50,000 soon?

Friday 15 January 2021, 2:19 AM AEST - 1 week ago

BitcoinCould bitcoin be worth a massive $50,000 soon? 19

TL;DR Breakdown

  • Is BTC at $50,000 a possibility?
  • Currency continues to smash expectation, now reaches $42,000
  • Bitcoin might reach $100,000 within a few years, says Social Capital CEO

Bloomberg analysts have stated that Bitcoin, the most popular cryptocurrency in the world, has a strong chance of surpassing the resistance level of $50,000 at some point in 2021. This seems like a very realistic possibility, closer than we could have ever expected with the sudden upward trend of the coin as of 14th of January 2021, where a 10% surge allowed the investors of selling the coin at a whopping $38,000.

Analysis has predicted the coin to reach $42,000 soon and then drop to lower levels, but it wouldnt be the first time for the currency to shock analysts and experts alike. After all, it is worth remembering that the coin should have never been worth more than a dollar if you were to listen to the analysts when BTC was a new thing.

Theres a strong feeling amongst investors that the coin is a buy at the current stage. Could this mean that Bloombergs forecast is going to become reality quite soon?

Bitcoin rising: Taking a look at the numbers

Our reports show that 16/28 indicators indicate a strong buy with the coin, 10 remain neutral, and only 2 forecast time to sell.

The coin has been trending upwards quite rapidly, increasing by a stunning 10% in the past two days alone. This is greatly affected by supply and demand, on which all commodities are based on: Currently, 900 BTC are being mined each day, compared to 1,800 in 2017, which ensures that the supply remains low and the trend continues to be bullish.

Interest in Bitcoin has been increasing exponentially in 2021. Only last week, CEO of Social Capital Chamath Palihapitiya has state ...

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