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BCH $549.02 (1.21%)
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DOGE $0.22 (-0.6%)

Bitcoin Surges to ATH of $56,000; What’s Next?

Bitcoin Surges to ATH of $56,000; What's Next
  • Bitcoin surged to an all-time high of $56,000.
  • Since Tesla’s investment of $1.5 billion in bitcoin, the bitcoin price continues to climb.
  • Will bitcoin’s price keep rising from here, or will we see another price drop?

Bitcoin, the most popular crypto, surged to an all-time high of $56,000. Currently, Bitcoin is trading at $55,840.

Bitcoin took its 2020 price form right into 2021 as it continues to reach new milestones. After finishing 2020 at about $28,000, it soon soared to a peak of about $40,000 in January 2021, before flagging a bit.

Since Tesla‘s news about investing $1.5 billion in bitcoin, the bitcoin price continues to climb. Bitcoin passing $50,000 is a vital sign, not just for the asset but also for other cryptos. The rise in Bitcoin value and its results will generally affect the whole crypto industry. After all, Bitcoin has always been the leader.

So, with bitcoin hitting $56,000, the essential questions are: What’s next? What does the future hold about the price and adoption of this digital currency?

Now that Bitcoin reached above $50,000, there are many things that crypto enthusiasts are looking forward to. However, the important question is: Will bitcoin’s price keep rising from here, or will we see another price drop?

Few analysts and investors could predict the massive surge in bitcoin price. Hedge fund manager Mike Novogratz is one of them. Novogratz has predicted that bitcoin will rise to $65,000 in 2021.

The number may have seemed overly optimistic when he initially announced it. However, given that it is still only February and Bitcoin has now reached $50,000, it doesn’t look far-fetched anymore.

Perhaps a prediction that still seems fantastic is that of Tom Fitzpatrick, the Citibank analyst, who said that bitcoin would rise to $318,000 by the end of 2021.

While it is hard to tell with confidence what will happen to bitcoin’s price, one thing is sure: it is getting the attention of many investors.

Companies like Tesla and MicroStrategy are already investing or planning to accept bitcoin payments. Other corporate firms would probably join them because they wouldn’t want to be left out.

Mastercard has already stated plans to help bitcoin transactions. Apple also seems to be investing in bitcoin and even JPMorgan is optimistic regarding bitcoin.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.