The top runner of cryptocurrency war may go on a pause with the new dawn.
Bitcoin, with another month passing, not only stays on top but sets a new record. Bitcoin successfully moves on to the price value of US$ 29,000 before the end of 2020.
Considering the market figures, and according to various experts, Bitcoin’s price would surge further in early 2021.
Mark Newton, founder of Newton Advisors, said in an interview that he was surprised that the value of Bitcoin spiked in such a short time. He also suggested that as per his calculations Bitcoin may be peaking up further in January 2021.
He further added that the reason behind the current surge in Bitcoin’s price quite instantaneously was because of the ever-growing interest of the institutional sector in it.
The search for Bitcoin on the internet, specifically on google, has raised over 750%, over the last year.
Newton also said that in terms of Bitcoin investment, individuals have been left behind by institutional investors. This is because they have grown fond of cryptocurrencies.
As per the figures shown by Newton’s company, the entire crypto industry remains on the rise in the third quarter of a year. However, before the end of the fourth-quarter cryptocurrencies take a dip. So in the opinion of Newton, the first quarter of 2021 would be a good time to invest in cryptocurrencies.
Newton added that he too would be joining the market within two weeks as he would like to sell his crypto assets.
Meanwhile, MD of BK Asset Management, Boris Schlossberg, said that currently, cryptocurrencies have been on the Bull-Run. There have been many from the institutional sector waiting to inject their money in Bitcoin. But an investor would be required to approach Bitcoin or other cryptocurrencies with caution because the industry is unpredictable.
He added that Bitcoin has the potential of going as high as US$ 50,000 but it can go down instantly as well. He also stated that it hasn’t been easy to predict which way the value of any cryptocurrency will go.
Boris further stated that the crypto industry still has a long way to go. Until it gets there, one should be prepared that the industry can go either way.