- Bitcoin price has risen by over 7% in the last 24 hours alone.
- Dan Held says the current cycle of the coin is a “supercycle.”
According to Tradingview, Bitcoin price has risen to another record high of $26,940 which is a 7.5% increase in the last 24 hours alone.
Though the price has currently retreated to about $26,800, the current price is still very close to the recent highs that the coin has reached and it indicates that the bullish momentum of the coin could continue which might lead the coin higher. The conservative prediction is that Bitcoin price could go far beyond the $30k mark soon.
A crypto analyst, Josh Rager, expressed his surprise in a tweet where he said that it is quite surprising that Bitcoin is currently closer to $30k than $20k now. To him, that is a kind of wild feeling.
Another crypto analyst, popularly referred to as “Bitcoin Jack” says he expects a heavy correction if the current levels were to develop a potential overthrow. He added that if there is no overthrow in the price of the asset, then BTC could move into the region of $36k-$42k.
What is driving Bitcoin Price Momentum?
Since the beginning of November this year, Bitcoin price has more than doubled. While the charts of the coin currently appear similar to one of three years ago, the factors driving the momentum appear different this time around.
Dan Held of Kraken has labelled the current cycle of the coin as a “supercycle.” He noted that the pandemic, the current assertions that BTC might just be Gold 2.0, the surge in institutional demand and the current level of the ease of use has led the leading crypto asset into breaking convention.
This is in line with what Satoshi Nakamoto wrote almost a decade ago when he said that “as the numbers of users grow, the value per coin increases.”
Bitcoin value dropped massively in March this year, majorly due to the pandemic, but since then, the asset has recovered and has grown by over 500%. During that same period, fiat currencies have suffered as governments keep printing more money which led to the devaluation of the currency. This has driven investors to BTC who see it as a better store of value.