After breaking through $17,000 in the early hours of this morning and continuing to hit a new high for the year, Bitcoin once again showed strong upward mobility at 11:55, the price once again rose above $18,000, and the market value exceeded $330 billion.
In an environment of increasing uncertainty in the global financial market caused by the raging new crown epidemic, Bitcoin’s eye-catching performance has attracted mainstream media attention. This morning, CCTV-2 (CCTV Finance Channel) reported on the latest market performance of Bitcoin, saying that “Since entering the fourth quarter, BTC has started a new round of market quotation, which has risen by 70% in less than 50 days. “.
The CCTV Finance Channel quoted an analysis view as saying, “Compared with 2017, the current Bitcoin network construction, development environment, and investment ecology are not what they used to be. If the driving force in 2017 comes from retail investors in the market, then The increase in the second half of this year was driven by institutional funding.”
In fact, since the second half of this year, institutions including Grayscale have continuously increased their holdings of encrypted assets. The latest data shows that as of November 16, Eastern Time, Grayscale Bitcoin Trust’s holdings increased by 3,812 BTC, and the total holdings reached 513,393 BTC. Grayscale ETH trust holdings increased to 2583657 ETH. Through continuous purchase of emerging assets, the total scale of Grayscale’s crypto asset management has exceeded US$10 billion.
Not only that, Ricardo Salinas Pliego, an individual investor, Mexico’s third-richest person, and the founder of retail giant Grupo Salinas, recently revealed that he has invested 10% of its liquid assets in Bitcoin. At the same time, Ricardo Salinas Pliego preached BTC on Twitter, saying that “Bitcoin can protect citizens’ property from government confiscation.”
On the other hand, the institutional investor SkyBridge Capital (a world-renowned hedge fund company known as SkyBridge Capital, known as the “fund of funds”), who has not yet entered the market, also intends to add the emerging asset class of Bitcoin. It is reported that the company is applying to the SEC to invest in funds that provide exposure to digital assets.
SkyBridge Capital wrote in the filing, “Investment funds may hold long and short positions in digital assets. Digital assets (also known as “virtual currency”, “cryptocurrency”, “coin” or “token” or similar The term) is an asset issued and/or transferred using technologies such as distributed ledgers or blockchain, including but not limited to Bitcoin”.
At present, institutional investors frequently enter the market, Bitcoin is steadily rising, and market investment sentiment is improving. In this context, is the market expected to break through the 20,000 USD mark and set a new record this year? Or is it going to stage a reversal plot and turn around and step back on the previous point? In this regard, cryptocurrency analysts give different views.
In the short term, analyst WEN said that as long as there is no black swan event in the market, Bitcoin’s rise will continue. In fact, as long as Bitcoin is stable, even if it trades sideways, other cryptocurrencies will “dazzle”. At present, most investors dare not go short easily, unless the currency price hits the previous high, then the market will have a lot of selling pressure. “
Analyst Wei Lan pointed out that there is a high probability that there will be no correction in the market in the short term. The spot is completely occupied by multiple armies, and the contract occasionally only makes a small counterattack. Regarding the bad news on the exchange, the market is completely immune.
Analyst Squeeze expressed the opposite view. He believes that since late October, Bitcoin has rarely undergone consolidation, which may exhaust the current upward momentum. Despite the strong upward momentum of Bitcoin, the price of Bitcoin has risen nearly six times since the crash in March. If Bitcoin continues to rise without major corrections, the possibility of a sharp correction in Bitcoin will increase. “The consolidation time is getting shorter and shorter, and there are not too many corrections. The rise and fall will soon come.” (Note: Brandt analysts and Squeeze have similar views, pointing out that “in the previous bull market, Bitcoin has undergone nine corrections. Until all-time high”)
In the long run, analyst Alan Masters said that Bitcoin is continuing its upward trend, and its price may reach $20,000 next year. “In the next few years, we may see Bitcoin at a price of $30,000, $50,000, $80,000 or higher. One thing is certain, that is, the price of Bitcoin is always 10 higher than most people think. Times.”
Mars Cloud Mine Ji’an commented on this that once Bitcoin breaks through a record high, the wealth effect will cause global popularity and a large number of new investors will flood the market. With the help of Fomo’s emotions, new funds flowed in quickly, and the “old story” will be staged again. He believes that “the law of cyclical fluctuations in Bitcoin prices will naturally not be broken, but the lows in each cycle will continue to rise. Looking at the long-term three to five years, the buying price is now moderate, short-term quarterly or half-yearly, cyclical adjustment may begin After Fomo hit a record high. The only uncertainty is the price high, and the plot is eternal.”
It should be noted that, unlike the previous market sentiment when the currency price went up, the market was “too quiet” this time, and there was a view that most people stepped down. The reason is that some investors handed over their bargaining chips prematurely, while other investors were “deeply trapped in the DeFi market”. The currency price did not reach this point and the funds were not withdrawn to the Bitcoin market.
