Bitcoin whirlwind has seemingly stormed the cryptocurrency markets, and the crypto enthusiasts are raving about its recent bullish run.
While the most prominent cryptocurrency in the world is currently trading above the $20,000 mark, some experts are highly bullish while some are speculative.
Bitcoin Hits All-Time High
The Bitcoin price has always been one of the hottest topics of discussion among the crypto community as they talk, tweet, and post about it fervently. Right now, as Bitcoin is rallying above its all time high mark, several influencers and crypto personalities have shared insights over the same.
While the high price is a sign of a healthy bull trend, it may not have much technical significance. The price points may not have much prominence in the charts and negatively impact the traders. With mainstream organizations and financial behemoths taking an interest in Bitcoin, the future looks brighter than ever for the cryptocurrencies.
As PayPal rolled out integration for Bitcoin and cryptocurrencies across its massive numbers of users and allowed cryptocurrencies as fund reserve across its 26 million merchants, a wider implementation of Bitcoin is on the cards. Microstrategy, Grayscale, Square, and MassMutual are some of the leading players who have procured a massive number of Bitcoins in 2020.
Guggenheim Partners’ Chief Investment Officer Scott Minerz said that the price of $20,000 is a bit challenging for the company. However, he said that their “fundamental work shows should be worth $400,000”. Considering Bitcoins limited supply and the wider adoption, the price mark of $400000 looks reasonable.
Even though the crypto community is ecstatic about the bullish Bitcoin run, there are also concerned over the previous bear run. In 2017 Bitcoin reached its all-time high of $18892; however, it then suffered a long bear run when Bitcoin even fell below $5000 in 2018 and 2019.
Messari CEO Ryan Selkis noted that the All-Time Price High suggests that the Bitcoin holders gain massive profits. Microstrategy, Square, and Mass Mutual become major Bitcoin bulls as the cryptocurrency rallies.
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