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Bitcoin to infinity and beyond: enters a new phase, "towards $ 28,000"

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Bitcoin has given the markets another of those historical moments that the queen of cryptocurrencies used to have us used to in 2017. December 2020 has been the time chosen by investors to the digital asset has broken the barrier of $ 20,000, with its price rapidly accelerating toward $ 24,000 this Thursday, after bursting its three-year milestone on Wednesday. Once he broke that mark, "the market expected a quick run to $ 24,000 – $ 28,000," recalls Naeem Aslam, an analyst at Ava Trade.

And so it has been. The most traded of the crypto currencies it has accumulated increases of 24% intraday and exceeds 23,000 dollars, according to the CoinMarketCap index, after placing "in free rise", underlines the expert of Bolsamanía, José María Rodríguez. Volatility takes its toll on the asset, with quick selling that has brought it back to $ 22,000 and is a normal reaction to the magnitude of the rise. Aslam notes that "a broader correction could occur if the bullish rally continues towards the aforementioned first price objective in a rush." "The most normal thing is that it goes up gradually from now on," he says.

All in all, the euphoria is felt among experts, as is the case with Antoni Trenchev, co-founder and managing partner of Nexo, a crypto lender. "Focus shifts to the next round number of $ 30,000", has said in statements collected by 'Bloomberg'. The transfer of bitcoin above $ 20,000 is its second major milestone in recent weeks, and it is that at the end of November the currency created by Satoshi Nakamoto reached a new three-year high. The cryptocurrency does nothing more than vindicate the bullish forecasts that many mocked months ago, following the blow it suffered from the Covid-19 pandemic, and is causing the forecasts to be even higher. The value of bitcoin has nearly tripled this year, with many already targeting $ 100,000.

In the crypto market, other 'altcoins' are booming more than 27%, in the case of ripple -which is bought for 0.56 dollars-, 10% for ethereum or 25% for litecoin, which change hands at 660 and 100 dollars, respectively. The total capitalization of crypto currencies amounts to 631.4 billion. The bitcoin pull is accelerating purchases in a market that is expected to be one of the protagonists of 2021.

THE STRONG HANDS

Experts are very encouraged by the recent acceleration in the creation of Satoshi Nakamoto, which is in the interest of institutional investors. "This week it became known that asset manager Ruffer had taken a position worth hundreds of millions of pounds in bitcoin – 2.5% of its portfolio – and this may be shaping the idea that the cryptocurrency is entering a new phase, as more large firms could use bitcoin to diversify their portfolios ", comment the experts of AJ Bell .

"The biggest driver of the current price hike is mainly institutional money", says Alejandro Zala, Bitpanda's country manager in Spain. "In addition, this 2020 will be remembered as the year that the 'crypto' market became mainstream," he argues. Without going any further, this week Apple announced that it will allow the purchase of cryptocurrencies through Apple Pay, one of the largest mobile payment providers in the world. In Spain, BBVA was the first large bank to offer the service of purchase, sale and custody of digital assets to its clients. "There is a clear change of mentality: the new generations see in Bitcoin the gold of their generation," says Zala.

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