According to recent Bitcoin (BTC) figures, a large proportion of analysts are forecasting a record price for Bitcoin by the end of the year.
According to the research group, BTC recorded a seven-day gain of 33.5% for Wednesday, the best result since February this year.
Ethereum 2.04% recorded 9.7% weekly profit on Friday, while dogecoin -1.54% rose 13% during the week.
The fourth quarter was perfect for Bitcoin. CoinDesk’s most popular digital currency in the fourth quarter of 2020 increased by about 170%, from $10,780 to $28,980.
It is worth noting that Bitcoin has a perfect start to October, as the cryptocurrency surpassed $55,000 for the first time since May on Wednesday. Traders and analysts attribute this growth in part to the institutional influx. Traders expect the SEC to approve the first funds in exchange for Bitcoin futures in the coming weeks.
SEC Chairman Gary Gensler reiterated his support for the Bitcoin-backed futures ETF, which would invest in bitcoin-based futures contracts. The SEC has not yet approved the ETF backed by Bitcoin.
BTC Futures Contracts Strike Highest Rate Since April
At CME Group, Bitcoin futures contracts went up by 17% on Wednesday. This is the highest rate since April.
Analysts explain that the liquidation of leveraged short positions has also led to a recent rise in Bitcoin prices. Leveraged short positions are when traders invest money to reduce the cost of an asset using borrowed funds.
Experts believe that, unlike in recent months, Bitcoin is much better prepared to take another step. However, some are still pessimistic about this growth and assume that another decline in the cryptocurrency market may occur in the fourth quarter of 2020.
Dan Morehead, CEO of Pantera Capital Asset Manager, has issued a warning that buys rumors, sells sample news can be used if the SEC approves a futures ETF backed by Bitcoin.
Morehead says the crypto market is getting wider, so price volatility needs to be reduced. With particular growth in recent years, Tether has attracted attention from investors and regulators.
Tether made its investment in Chinese commercial paper before the recent disaster in Evergrande. A company spokesman explained that USDT has always supported reserves, including cash equivalents, short-term deposits, and commercial paper. According to Bloomberg, Teter has borrowed billions of dollars in cryptocurrencies.
Despite the heterogeneous attitude towards Bitcoin, the fact is that currently, the world-famous cryptocurrency continues to grow and maintain a favorable rate.