Written by Rob The Watergod | 2/10/2021

Bitcoin price takes aim at a new all-time high as traders push BTC back above $57,000 and institutions increase their exposure to cryptocurrency. Within the last hour, Bitcoin (BTC) price surged to $57,100, a level not seen since Feb. 20 when BTC price made a new all-time high at $58,352. The bullish breakout signals that investor sentiment has shifted back in favor of bulls and it increases the likelihood that BTC will attempt a run at the $60,000 level. Also, data from Cointelegraph Markets and TradingView shows that Bitcoin bounced off a low of $52,998 in the early morning hours and proceeded to rally 6.5% above the $57,000 level. Recent data shows that 10,000 Bitcoin ATMs have been installed in the U.S. since March 1, 2020, marking a 57.5% in the number of BTC-equipped ATMs over the past year.

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The data could influence bitcoin’s price, given the cryptocurrency is considered a hedge. Against inflation and monetary and fiscal policy imprudence. While a bigger-than-expected jump in inflation would strengthen bitcoin’s long-term bullish case, the cryptocurrency’s immediate reaction could be bearish. Although, that’s because an above-forecast CPI would validate the narrative that the cocktail of monetary and fiscal stimulus, alongside an economic rebound, is stoking inflation that could lead to an early tightening of stimulus by the Fed and another leg higher in Treasury yields and the U.S. dollar. Bitcoin is rising now, however what will it do next?

What will bitcoin do next

This is a question almost everyone asks, and sometimes never can be solved. However, I will try to explain what i think briefly. Since, bitcoin has had its ups and downs the first thing we need to know is will it go down or up again. From our research after it has gone up it’s most likely to go down again. Bitcoin, just like any other stock, will go up and back down again and the cycle will continue. Here’s a four year chart of bitcoin

2010 9,900%

2011 1,473%

2012 186%

2013 5,481% (Bull)

2014 -57%

2015 34%

2016 123%

2017 1,368% (Bull)

2018 -73%

2019 92%

2020 121% +……

2021 ????% (Bull)

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Now that Bitcoin has passed the big 57,000 there are several things that cryptocurrency enthusiasts and skeptics. Alike are looking forward to. The multi-million question, however, is: Will bitcoin’s value keep rising from here, or will we witness another major price slump like we did in 2017? The truth is, it’s hard to tell, but analysts and price forecasts can give us some idea of what to expect from the asset. According to the price forecasts: “Only a few investors and analysts were able to predict the massive surge in bitcoin price and hedge fund manager Mike Novogratz was one of them. Novogratz has predicted that bitcoin will peak at $65,000 in 2021. The number may have looked overly optimistic when he originally announced it, but given that it is still only February and bitcoin has already reached $57,000, it doesn’t seem far-fetched anymore.

Bitcoin over the years

It’s been about 12 years since Satoshi Nakamoto created bitcoin. “Satoshi Nakamoto” is presumed to be a pseudonym for the person or people who designed the original bitcoin protocol in 2008 and launched the network in 2009. The first such instance occurred in 2011. Bitcoin’s price jumped from $1 in April of that year to a peak of $32 in June, a gain of 3200% within three short months.

That steep ascent was followed by a sharp recession in crypto markets and Bitcoin’s price bottomed out at $2 in November 2011. Bitcoin is the most popular cryptocurrency in the world right now. There are more than 7,000 other coins so there are a lot of cryptocurrencies that can explode just like Bitcoin. Bitcoin was doing so well that they even decided to make bitcoin ATMs.

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Some Bitcoin ATMs offer bi-directional functionality enabling both the purchase of Bitcoin as well as the sale of Bitcoin for cash. In some cases, Bitcoin ATM providers require users to have an existing account to transact on the machine. Although, there are two main types of Bitcoin machines: unidirectional (one-way) and bidirectional (two-way). Only about 30% of all crypto ATMs worldwide are bidirectional, and less than 23% in the U.S. Some machines use a paper receipt and others move money to a public key on the blockchain. Bitcoin cash kiosks look like traditional ATMs but do not connect to a bank account. Instead connect the user directly to a Bitcoin wallet or exchange.

Conclusion

In conclusion, Bitcoin is a great stock to invest in right now. There are also other cryptocurrencies that can explode just like Bitcoin. With this, there is a high risk of trading these cryptocurrencies. Follow Crypto empire tv it gives you up to date information about bitcoin and other stocks you should invest in. If you want Rob the Watergod to build your portfolio email us at info@Thompsonempire.com