BITCOIN has soared to nearly $58,000 after “panic buying” from institutional finance.
One expert has predicted that a Bitcoin price of “$100k over the coming months is all but certain”. Earlier this month the US Securities and Exchange Commission revealed its growing interest in four separate Exchange Traded Funds which are linked to Bitcoin futures. Speaking to This website, Konstantin Anissimov, Executive Director at CEX.IO states that the approval of these funds by the SEC has helped push Bitcoin higher.
He said: “Speculation surrounding the approval of these funds is one of the factors helping push Bitcoin price up.”
The financial director added: “Another reason for Bitcoin’s increase in value is JPMorgan’s recent note to investors.
“The company said that the prized crypto-asset seems to be a better hedge against inflation than gold.
“I believe the latest Bitcoin rally is a direct result of inflation concerns and investors are using the cryptocurrency as a hedge against it.
“The US’s positive stance on cryptocurrencies in recent weeks is another contributing factor.”
Referring to institutional investors coming to Bitcoin relatively late in the game Bitcoin pioneer Max Keiser spoke to This website and said: “Institutions are panic buying Bitcoin so that when the year ends they can show they owned some in 2021.
“Not having any on the books will be a sign that you completely bottled it.”
Today Zap Protocol founder Nick Spanos gave his bullish fourth-quarter price prediction for Bitcoin.”
Speaking to This website, he said: “Bitcoin’s run to $100k over the coming months is all but certain.
“Investors are becoming ever more resilient to adverse crypto news.
“They have witnessed the market bounce back time and time again, so we are seeing less and less panic-selling, which should consequently make Bitcoin’s price more stable.
“Bitcoin rallied by over 13 percent last week, and with it now trading at just under $57,000, it has a chance of breaching its next major resistance level at $58,462 this week.
“If Bitcoin can capitalise on its recent momentum and convincingly break through this resistance level, its next target would be the $62,232 resistance level.
“We will almost certainly see a few pullbacks on its way there, but Bitcoin has a good chance of reaching its all-time high by the end of this month and potentially going as high as $70,000 before November.”
At time of writing the current Bitcoin. “Brinkwire Summary News”.