Recently, Bitcoin crossed $89000 on Tuesday, a new high. It grabs the attention of investors as well as general people. People are eager to know the reason and ask about its future value. This increases the expectation of better rules and regulations after Donald Trump’s victory in the recent US election. This article will explain the reason for Bitcoin’s price, how to invest in it, and when we can invest in Bitcoin.
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What is the driving surge?
There are many reasons for the rapid growth in the price of Bitcoin. It does not grow by accident. The main thing for the recent growth is Trump’s cryptocurrency promises, which gives confidence to investors. It makes more people join the market and creates high demand which can increase the growth. Now we are seeing some similar signals, suggesting that Bitcoin would continue its upward momentum for months to come.
Bitcoin Hits New Record High
Bitcoin crossed the record and became around $89000 on Tuesday. This was the highest of all time. Bitcoin has to rise around 6.75% to reach a new record of around $81,845 on November 11. It increases the value of Bitcoin even more and becomes an important asset of digital platforms. Bitcoin makes people invest and creates a positive cycle.
What is driving the rally?
After many years of fading interest, the cryptocurrency market started to roar again. There are many reasons for the growth of Bitcoin. It is because of Trump’s election as US president and the anticipation of crypto-friendly admiration. The United States approved Bitcoin exchange-traded funds(ETFs), allowing institutions easier access to Bitcoin, which boosted the demand.
Bitcoin May Hit $100k by Trump’s inauguration Day?
Bitcoin’s price is likely to increase by the time the 47th US President Trump heads to the Capitol for inauguration on January 20, with ETFs holding 1.1 million Bitcoins approximately. From a technical perspective, it is possible that Bitcoin may head toward $300,000 after 2026. Trump’s crypto-friendly promises on policies drive investors’ confidence in Bitcoin. It reached $89,000, a new record on Tuesday.
Crossing the $89,000 mark: A Technical Achievement?
Bitcoins now reached $89,000. Nearing $90,000 comes on the back of Trump’s victory in the election. As many doubted Bitcoin Would reach this level.
This level becomes the new psychological barrier, which can inspire investors as well as buyers.
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Bitcoin’s Next Price Target?
After crossing $89000, the next target can be $100000. It has a lot of significance, which would represent another milestone. It may encourage people to invest more further. However, The price of Bitcoin may decrease temporarily. Now the target of $100000 can be another milestone by the end of the year.
The price of the flagship cryptocurrency was last higher by more than 12% at $89,174, according to Coin Metrics. Recently, it hit $89,623, a new high.
Is it the right time to invest in Bitcoin?
The best time to buy cryptocurrency is the end of the month. Investing in Bitcoin can never be a wrong idea. You can seek some professionals to guide you on how to invest and make a profit. Some people who were investors are worried about whether they might miss out on future gains.
However, it is important to understand the risks before investing in Bitcoin. The price can decrease temporarily, which can cause a loss.
Future Prospects of Bitcoin
Analysts estimate shows that the global cryptocurrency market will grow more than triple. Some positive technical indicators suggest the rally could continue, potentially pushing Bitcoin to $100,000 at the end of the year.
Bitcoin is often called “Digital Gold”. Many people believe that Bitcoin will be accepted widely which may increase its price and can become an asset of potential growth.
Conclusion
At Covid 19 pandemic, the bitcoin price was $5,000. The price grew nearly $69,000 by November 2021. But, on Tuesday Bitcoin’s rise to $89,000 is the highest of all time and shows the growth of the financial world. However, all the investment is important. So, it is mandatory to understand the benefits as well as challenges. Bitcoin has become the most trending topic in recent times and for sure it will grow further.
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FAQ
1. What is Bitcoin? And how does it work?
Bitcoin is a digital currency that works without a bank. You can track the transactions. It has a bright future where many people can invest.
2. Is it the right time to invest in Bitcoin?
It depends upon your status whether you are ready to face the risks too. If you are ready, then it will be the right time for you to invest in Bitcoin. However, it is mandatory to know the terms and conditions before investment.
3. What are the risks associated with investing in Bitcoin?
The price can go up and down at any time or it can be stolen. Sometimes the rules also can be changed. Knowing Bitcoin’s risks and terms and conditions before investment can give a better understanding.
4. How can I securely store my Bitcoin?
There is an option to keep your money safe. You can keep your money in special online wallets or keep it offline for safety, based on your perspective.
