Bitcoin is on the verge of hitting the $12,000 mark again. This would be the first time the currency has done so in about two months, with late August being the last time the price of the world’s number one cryptocurrency by market cap has come this close.
Bitcoin Is Once Again Heading for the Top
During that time, the asset rose as high as $12,400, though a historically bearish September would then set in and drag bitcoin down to the bottom of the financial ocean, taking its price all the way down to roughly $10,100 as early as September 2. From there, the currency would struggle to regain its previous momentum over the next four weeks, eventually reaching $11,000 again on September 19, though this spike would only last a few hours at most.
However, by the time October set in, bitcoin proved itself once again as the world’s number one digital asset and offered traders and investors everywhere another taste of its brilliant resilience. It once again jumped past $11,000 and has stayed there the entire month, and now, it looks like the five-figure territory we’ve grown to love is about to expand all over again.
The currency has risen by more than three percent in the last 24 hours, as previously, the currency was trading for just over $11,700. Now, at well over $11,900, it’s estimated that bitcoin could potentially reach $12,000 as early as tomorrow morning. Granted bitcoin can cross this line, many analysts believe that a major rally could occur – one that could potentially take bitcoin all the way to the $15,000 mark before the end of the year.
That would mark a massive change for 2020 in that we can end on relatively positive news. This whole year has been terribly marred by news of the spreading coronavirus pandemic, election confusion and a lot of other scares that have brought people’s confidence and self-esteem down, and it would be nice to see bitcoin return to form as a way of saying 2020 wasn’t for nothing. We’ll have to wait and see of course, but it looks like bitcoin is about to embark on another bullish path.
Some analysts are wondering what may have caused the sudden burst in bitcoin’s price. Many are claiming it had something to do with last Monday’s virtual meeting hosted by the International Monetary Fund. This meeting discussed cross-border payments and saw the likes of Federal Reserve Chairman Jerome Powell in attendance, who claims that the central bank is presently looking into the benefits of a centralized digital currency.
Countries Can’t Seem to Agree
The meeting was discussed by Mati Greenspan of Quantum Economics fame, who stated:
Comments from Jerome Powell and the other participants made it clear just how far apart the various countries are when it comes to CBDCs.