Bitcoin enthusiasts were in for a treat this week as the token price surpassed $13,000, the first time since July 2020 and one of three times since 2017. This new price level represents not just a new resistance level but hopes that bitcoin could very well be on its way to regaining its previous peak price point. It should be noted that the bitcoin price gained $2,000 within a week, going from $11,300 to $13,000.
To fully understand the importance of bitcoin breaking above $12,000, it should be noted that the bitcoin price could not break above this point for over two years. The fact that it could finally break above this point and then surpass another key resistance point is good news.
Bitcoin on the Rise
The major factors credited for the spike in the bitcoin price is the news of PayPal rolling out cryptocurrency features for its 300 million users. These features will be available first for users in the United States and then for users in other parts of the world.
PayPal is one of the most powerful financial platforms in the world and so its embracing of cryptocurrency will lead to a new influx of users and naturally, many want to accumulate tokens ahead of this, thus driving up the price.
Another event that is predicted to have some effect on the price of the cryptocurrency in the coming weeks is the US elections. Max Keiser, the host of the popular podcast The Keiser Report, stated that the price of bitcoin will increase should Democratic candidate Joe Biden win the presidency during a recent interview.
The reason for this, he says, is that “a win for corruption and the Deep State so I would expect Bitcoin’s price to bolt higher as people panic-buy unconfiscatable Bitcoin before Biden’s socialist, jackbooted thugs start confiscating everything in a replay of 1938 Kristallnacht.”
On the other hand, Crypto Blitz, a popular crypto trader, Stated on Twitter that the $12,000 to $12,300 would be a good price point to bet on in the event of a Biden victory. This shows that experts are divided on the possible outcome of a Biden presidential victory as some believe it will boost the price while others do not.
Historically, however, the results of a US presidential election has had an effect on major asset classes, from crypto to stocks