Bitcoin Supply Prices At Exchanges Reach The Greatest Heights In The Past 9 Months, Is It A Warning To The Market?

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  • In the past nine months, BTC has not seen a downfall. Instead, it has surged to higher and higher levels with a nearly 30% rise in its prices. 
  • The trading volume of BTC reached a peak value of 5 billion US dollars, and it is going on increasing with each passing day. 
  • Several Market dignitaries have said a lot about what BTC is heading into, like Bill Miller, who stands tremendous investing support to BTC adds that with time the risk factor of investing in BTC will be decreasing.  

At the very start of 2021, Bitcoin has surged by nearly 30%, by reaching a price value of $40,000. BTC is yet planning to surpass its $40,000 mark in the upcoming weeks. In the present timeline, Bitcoin is exchanging trades at a market capital value of 759 billion dollars. The rallies in the price of Bitcoin has created anxiousness among the investors. They cannot anticipate what is in store for the future as Bitcoin would step into a “Price Discovery Mode.”

Surges happened in the trading volumes of Bitcoin

As the data recorded, shows that Bitcoin has reached its highest peak in terms of trading value. It is aiming at letting the curves move too much higher points in the upcoming days. We have witnessed a 5 billion dollar spike in Bitcoins trading volumes. Skew Analytics provided the data on 8th January 2021. Regarding Santiments blockchain data bitcoin has reached the highest peak in the past nine months, and is still expanding. The analytical data also predicts some recent sell-offs that might happen shortly. Santiment had quoted that:

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“The price of $BTC has not slowed down one bit, crossing $41,660 Friday and ranging right around $40k-$41k this weekend!”

We are receiving many mixed and varied responses from the Analysts and market veterans about where we see the graph of BTC’s prices moving in the future. 

Various Analytic responses from Market Analytics

We have seen some analysts marked a price tag of 100,000 US dollars to Bitcoin’s future prediction by studying the historical backgrounds of Bitcoin. Some do expect a bit of volatility at the end of Bitcoin in future. There has been news that Bitcoin has received a vast level of support from Bill Miller, a very renowned investor in Wall Street. He added: “One of the things that is interesting about Bitcoin is that it gets less risky the higher it goes. That is the opposite of what happens with most stocks,” on an interview with CNBC.

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On the other hand, Tom Lee feels that BTC might go into a 50% correction in the future, which would decline its prices. Lee is an analyst at Fundstrat. Willy Woo, a well-known blockchain analyst, added that there is still time in buying Bitcoin at the current prices. He adds that Bitcoin has outrun several assets in the market based on its high valued returns on investments that were considered risky. 

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Steve Anderrsonhttp://www.thecoinrepublic.com
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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