It has not been even a month when the Bitcoin price was at $20K and now it doubled in its price and reached a new all-time high. Bitcoin breaks the $40K barrier, which is making all those bullish predictions come true. It is now seen that Bitcoin has now doubled to its historic all-time high of 2017 and is expected to reach even higher. All the Bitcoiners and analysts seem to be highly enthusiastic at this moment and are keeping their hopes high. Since March 2020, Bitcoin has been on an upward track and is showing a great daily performance.
Historic Bull Run Continues as Bitcoin Breaks $40K Barrier
It is now believed that the historic bull run will continue further as Bitcoin breaks the $40K psychological barrier. Most of the analysts who were highly bullish about Bitcoin performance have already predicted this. Sui Chung, CEO at CF Benchmarks, has said that this impressive performance is highly efficient for increasing crypto adoption. He stated:
“The Free Float Market Cap of Bitcoin now stands on the cusp of $600bn, with that of the entire asset class fast approaching $1 trillion.”
According to him, this is the high time when people should start considering increasing their crypto adoption. Such impressive growth is indicating that Bitcoin is maturing and ready for widespread adoption.
Bitcoin’s Relative Strength Index is Extremely High
The Relative Strength Index (RSI) of Bitcoin is extremely high at the moment. This is because Bitcoin breaks the $40K barrier, because of which more and more traders are rushing to buy BTC. This is also indicating a big sell-off that might come anytime soon. The analysts also believe that the adoption of Bitcoin by institutional investors is also the major reason behind such a huge price surge. Since the past few months, it has been seen that institutional investors are showing great interest in Bitcoin despite its volatile nature.