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Bitcoin is gaining traction, and it seems likely that no regulators or governments will be able to stop it. Many analysts start to summarize and predict bitcoin's rise to $100,000 by the end of this year. The key factors that determine the top cryptocurrency's upward growth have been taken into consideration.
Nigel Green, CEO and founder of deVere Group, is bullish on digital gold and confident that bitcoin will hit $100,000 by any means.
This prediction marked a phenomenal rise in digital gold over 10% per day on Friday.
Today, bitcoin is trading at $47,700. Besides, Nigel Green believes that it will not only resume its all-time high of $65,000 by the end of the year, but also climb to $100,000.
If the current momentum remains the same, nothing can stop bitcoin from hitting $100,000. It will be a really all-time record.
Nigel Green is convinced that there are key aspects that may be catalysts for such bitcoin's sharp rise.
The first catalyst is likely to be Jerome Powell and the Fed's announcement that they will not ban bitcoin and give it a chance for gaining. Moreover, the Central Bank is of crucial importance in this aspect.
It is possible that other altcoins will be tightly regulated, which may affect a long term and positive trend for the crypto market. However, bitcoin will be regarded more leniently, as the digital gold's status is similar to gold.
The second factor is accelerated regular demand for bitcoin among institutional investors. Wall Street corporations and various global top companies are turning their attention to bitcoin and buying it into their assets. Besides, they allow clients to pay for their goods and services with bitcoin.
The third factor is likely significant support of highly influential individuals, crypto-enthusiasts and long-time whales. Such iconic figures as Jack Dorsey, Michael Saylor, Ilon Musk and Katie Wood make very frequent statements concerning bitcoin that constantly serve as a catalyst for its growth. They believe that the top cryptocurrency accounts for the global future.
Moreover, every bitcoin's decline is followed by a surge. The data are accurate, considering the past. Every double bitcoin reduction is followed by its significant upward movement.
After there was the halving of bitcoin in 2012 and 2016, prices went up 55 and 15 times. Now it is possible to believe that bitcoin will resume this jump due to its contraction in 2020.
Institutional investors favour bitcoin as it is decentralized and does not depend on the Fed, the Securities and Exchange Commission, or the leading world powers.
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