Bitcoin is bound to have a great trajectory going forward. Cryptocurrency is bound to see big changes in the coming years, especially as it begins to enter the stock market.
There are also discussions suggesting that the Bitcoin would be floated on Nasdaq. This means that the credibility and transparency of Bitcoin would be established better than ever before.
It has already been put forward as the next alternative to traditional currencies. This means that Bitcoin can become the next ultimate investing opportunity. However, the loophole is simply that people need to be pushed more to invest in Bitcoin.
The Bitcoin in the Current Market
How has bitcoin been doing lately? Bitcoin has been doing incredibly well so far. It has stayed stable in the market. Of late, however, this currency has leaped much higher and has crossed over the $10,000 bitcoin level. There, however, have been suggestions that this surge may not last too long.
In March 2020, the price of the bitcoin plummeted down. Such movement was in agreement with the value of global stocks. This movement can be seen as an effect of the Covid-19 pandemic that shook the world. Most countries imposed lockdowns that adversely affected any trading activity within the bitcoin market.
This simply suggests that Bitcoin is indeed tied to the stock market. The various activities that take place within the stock market also cause bitcoin prices to rise or fall accordingly. When the primary motive guiding people’s actions is survival, money won’t necessarily flow into the bitcoin market.
Despite this, it has been forecasted that it will take about 9 months for the prices of basic commodities to rise. It should take just about as much time for bitcoin prices to surge. This is why 2021 is seen as a bright year for bitcoin.
What will Bitcoin look like in 2021?
It has been projected that the stability of the market will stay put, despite the volatility. It is further suggested that the market is bound to surge towards great heights in 2021. Market influencers further predict that cryptocurrencies like Bitcoin will touch $50000 in 2021. Bitcoin influencer Tone Vays also predicted this.
This prediction comes from the high of $12,399 that the bitcoin hit in August 2020. This means that the market for cryptocurrencies is looking up. Further, this market is considered more transparent and stable compared to traditional markets, especially during the pandemic. For this reason, it has also been predicted that investments in bitcoin and trade with the same pay rise.
This view is upheld despite the volatility of cryptocurrencies. To confirm this, several companies have been investing heavily in bitcoin in the current market scenario. Take, for instance, the company Micro Strategies that invested close to $250 million into bitcoin. Their actions suggest that they saw that bitcoin is bound to surge in 2021.
While the bitcoin did see a dip in March 2020, the Covid-19 circumstances had much to do with this downward movement. The market has been looking up ever since then. Further, it is only forecasted to surge in 2021. With this, there are suggestions that bitcoin could be listed on major stock exchanges.
What this does is that it makes for broad investment and trading opportunities for anyone looking to invest in bitcoin.