.This Level Is The Target For Bitcoin – Here Are The Details – Several altcoins are heading towards all-time highs as the bulls struggle to push the bitcoin price above $ 60,000.
A report by Deutsche Bank Research said that Bitcoin (BTC) has become “too important to ignore” and could pull regulations by the end of 2021. Deutsche Bank analysts expect Bitcoin to reach a milestone in about “two or three years.” It will become clear whether Bitcoin will turn into an asset class. In the short term, the report predicts that Bitcoin will “remain extremely volatile”.
A different report by Bank of America provided some insight into the possible causes of Bitcoin’s volatility. Bank of America analysts estimate that the Bitcoin price could rise 1 percent when there is an inflow of $ 93 million. Compared to that, gold needs around $ 2 billion in funding to move a single percentage point.
This huge disparity in price response to fund entry is attributed to Bitcoin holders who did not part with cryptocurrencies during the current bull run.
While it is difficult to predict what price Bitcoin whales will profit from, Kraken growth leader Dan Held said in a recent interview with Cointelegraph that Bitcoin could reach $ 1 million during the current super cycle.
Held believes the combination of events such as the coronavirus crisis, coin printing by central banks, and growing lack of trust in former financial firms are the triggers that support the crypto bull run.
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