Bitcoins rips above the $56K, set to hit $60k

03/11/2021

Bitcoin targets a new all-time high as traders push BTC back above $50,000 and big corporates adopt cryptocurrency.

The last few hours, have been explosive (quite literally) for Bitcoin (BTC) as the price surged to $57,100, a level not seen since Feb. 20 when BTC price made a new all-time high at $58,352. This signals that buying sentiment is back in play and in all likelihood that BTC will try for the $60,000 level. Data across Market trackers shows Bitcoin picking up from $52k in the early morning hours and gaining nearly 7% to close above $57k level.

Now this development may have been propelled by the news that Digital Currency Group aims to buy up to $250 million shares of the Grayscale Bitcoin Trust (GBTC). 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.

Speculations on the level where Bitcoin may end up by Mid-April Range from $65k to $76k as even more corporate giants are expected to invest huge portfolios in crypto currencies and particularly bitcoin. Other popular cryptocurrencies have mirrored bitcoin’s market movements, including ethereum (ether), litecoin and dogecoin. All three have risen in value by between 5 and 15 per cent over the last week.

Another parallel trend mirroring this growth pattern would be that large amounts of cryptocurrency are being removed from exchanges like Coinbase and placed into cold storage, with bitcoin’s liquid supply now estimated at just 4 million. This has never happened before for such an extended period of time, and could lead to a massive supply squeeze soon. This in turn is set to drive up the bitcoin price even further.

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