12.10.202012:49 Forex Analysis & Reviews: Should investors buy Bitcoin?

Last week, Peter Brandt, the famous trader, predicted on his Twitter account that there will be an increase in the cost of the first cryptocurrency. At that time, Bitcoin was trading at $10,900. Amsterdam stock exchange analyst Michael van de Poppe, in solidarity with Brandt, added that in the short term, Bitcoin may rise even higher to the resistance levels of $11,000 and $11,200. According to the analyst, if this resistance is overcome, then in the future, Bitcoin will only become more expensive at the price will rise at the fastest pace.

Today, on October 12, this forecast comes true: Bitcoin costs as much as $11,376.

Other experts' statements also add to the optimism. For example, the Director of the crypto exchange Cryptorg.exchange, Andrey Podolyan is sure that bitcoin will reach $12,000. Abra co-founder Bill Barhydt says that bitcoin will be trading at $50,000 within a year and a half due to the growth in the number of cryptocurrency holders and the goodwill of the Comptroller of the Currency Brian Brooks.

It is also significant that large American companies have begun to actively invest in cryptocurrency. On October 8, payment company Square announced the purchase of $50 million worth of BTC. Before that, the Canadian restaurant chain, Tahini's, converted its entire monetary potential into cryptocurrency. MicroStrategy, a provider of analytical software, acquired 21,454 BTC, which is approximately $250 million at the time of the transaction. To date, this is the first public company that has invested part of its capital in bitcoin. MicroStrategy later bought 16,796 BTC again for $175 million. Thus, MicroStrategy invested $425 million in the first cryptocurrency. It is worth recognizing that such events add confidence and guarantee the development of the cryptocurrency industry.