Bitcoin has broken another important psychological milestone in its price climb, but it has not stopped at $30,000 but gone on to add a few more thousand dollars in a matter of hours. The coin is currently sitting at around $32,300 and looks set to rise a little more.
There is not much to suggest as to why Bitcoin has made this sudden move above $20,000 after it stayed underneath for a while at the end of last year. But at the start of 2021 there has been some major movement and a new barrier-breaking phase for the leading crypto.
Once Bitcoin managed to break its original psychological barrier of $20,000 a few weeks back, the coin entered a new territory which was open to all sorts of movements. However, the $10,000 to get to $30,000 came with very little resistance as Bitcoin’s price seemingly only went up with a few small corrections along the way.
If you’re looking for an entry to HODL Bitcoin long term, don’t nickel and dime an entry. You’re not going to sweat a few thousand dollars of non-perfect entry when it’s $100k,$200k,$300k in a year,” popular statistician Willy Woo summarized upon Bitcoin hitting $30,000.
Only way is up?
It remains to be seen what this new bracket of $10,000 will bring Bitcoin and how easily it will move to $40,000 a coin. Many were expecting more of a pull back before Bitcoin reached $30,000 so that could still be in the works as the price keeps rising.
However, the last major rally that took Bitcoin towards $20,000 in 2017 was predicated on pure speculation and greed whereas this time around the coin is rallying off the back of major institutional interest, as well as institutional buying.
Bitcoin has always played towards institutional adoption, but has only really felt it this year in the wake of the market collapse thanks to Covid-19. Major institutions have been breaking the walls to buying Bitcoin, and their vindication in the recent price rise is snowballing to welcome in new buyers with big money.
A turning point?
The next stage of the rise of Bitcoin, to go along with its price, is the ability for regulators to keep up. While Bitcoin has been granted a clear status from the SEC and other regulators, the crypto space is still being found out — as is evident with Ripple and XRP which face a lawsuit from the SEC.