Bitcoin (BTC) price reached a new all-time high!
It happened just one week ago! The milestone was widely celebrated in the crypto community as it’s another sign that crypto is here to stay. So what were the likely reasons for bitcoin conquering its new heights, and what could be next?
Bitcoin climbs to new heights
The first half of 2021 was great for Bitcoin. One of the effects of the pandemic was central banks adopting radical policies to protect their countries against economic collapse. These policies meant, in many cases, expanding their money supply, which in turn resulted in increasing inflation. As a result, many companies and investors looked to Bitcoin as a possible safe-haven asset.
The increased interest helped the BTC price climb to $65.000 in April, but the party stopped there. China announced a blanket ban on Bitcoin mining, and a broader discussion erupted about the energy consumption of Bitcoin. The fear, uncertainty and doubt caused BTC to drop down to $30.000.Now, a couple of months later, after positive news like the approval of the first American exchange-traded fund (ETF), Bitcoin is back at it again!
In just a month, Bitcoin rallied with 65% to a new all-time high of $67.000, another sign that Bitcoin is indeed resilient and part of a broader financial revolution. Most importantly, what does this mean for you as a BOTS user?
Is $100.000 next for Bitcoin?
According to several models, such as PlanB’s stock-to-flow (S2F) model, the new all-time high isn’t the end. Based on Bitcoin’s scarcity, PlanB’s S2F predicts a Bitcoin price of $100.000 this year. But, of course, nobody knows what will happen, and Bitcoin is notorious for being extremely volatile at times.
BOTS trading bots might be able to offer some comfort as they deal with the stress of making decisions at the right time for you. So whatever comes next, the bots are ready and have got you covered!
Keep in mind, this article is not meant to provide you with investment advice. Investing has its risks and through it you can lose all or part of your investment. Always do your own research and choose whether to invest and how to invest yourself.