Bitcoin has experienced a strong rally in the past few weeks and today, in line with the bullish outlook for 2021, the Bitcoin price has exploded by almost 12% to currently $ 32,687.
Analysts believe Bitcoin’s main bull phase has now come. This comes despite some concerns shared months ago that the cryptocurrency market was due for excessive consolidation due to the pandemic and its impact on global markets.
Bitcoin is now in its main bull phase, according to crypto analyst Willy Woo:
„If you are looking for a way to start hoarding Bitcoin for the long term, you shouldn’t get into the hell out of it. You won’t sweat a few thousand dollars on an imperfect entry if it’s $ 100k, $ 200k, $ 300k in a year … the main bull phase is here. The capital inflows are insane. “
Above all, he cites the incredible amount of capital inflows towards Bitcoin that are currently being recorded. Technology analyst Kevin Rooke observed in December that the Grayscale Investments BTC Trust (GBTC) bought nearly 13,000 BTC from the market in a single day. He wrote:
“Bad news for BTC bears. Grayscale’s Bitcoin Trust just raised 12,319 BTC into $ GBTC in a single day. That’s more than the 11,512 BTC they added during all of last week when BTC broke its ATH. “
Will there be setbacks in Bitcoin? Indeed! Will Bitcoin Reach $ 100,000 Or More? That is difficult to answer, but one should be aware that the price has risen extremely in the past and that large players such as Microstrategy, PayPal, Fidelity and more are now in the market and are buying up Bitcoin as a hedge against fiat currencies. To put it simply, there won’t be more than 21 million bitcoins.
Strong interest in Bitcoin
To confirm the feeling that Bitcoin is in a bull market, data shows that there is strong interest in the leading cryptocurrency.
Pantera Capital, a leading crypto asset fund, found that there is a huge amount of retail demand for Bitcoin, as evidenced by PayPal’s crypto volumes. On this subject the company wrote:
In the USA it is already possible to invest in Bitcoin directly via PayPal. In Europe this will probably also be available towards the end of 2021. If you still want to invest securely in Bitcoin with PayPal , we recommend these instructions: Buy Bitcoins with PayPal