The recent run of Bitcoin’s price began in February when it was trading at well below $4,000.
Many financial advisors have reported advising their customers to invest up to 20% of their funds in cryptocurrency. Adoption and regulations, as well as the recent announcement by Facebook of launching Libra, its own digital coin, have boosted according to analyst’s the price of all cryptocurrencies.
Other Crypto Assets
Other major cryptocurrencies like Ethereum and Ripple were boosted by Bitcoin’s recent run, with gains of between 20-35 per cent over the last month alone.
The future could be brighter
Crypto trader Peter Brandt has pointed the range between $60,000 to $100,000
Bitcoin takes aim at $100,000 target. $btcusd is experiencing its fourth parabolic phase dating back to 2010. No other market in my 45 years of trading has gone parabolic on a log chart in this manner. Bitcoin is a market like no other, according to Peter Brand.
Throughout the past 12 months, investment firms specialized in cryptocurrencies have seen a large inflow of capital from institutional investors. This would increase even more if there’s an ETF approval later in the year.
Bitcoin halving is coming up in less than a year
That should shake things up as sometime in May 2020 the difficulty level of the bitcoin’s blockchain is halving. The process of reducing the reward for mining on the blockchain is repeated every four years which leads to supply deficit.
It is expected that as we get closer to the Bitcoin halving price of BTC will continue to increase.