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For bitcoin and the cryptocurrency market, the previous week ended on a minor note. But after the fulfillment of obligations under derivatives contracts, the indicators of the first cryptocurrency went up as expected. Over the past two days, the value of bitcoin has increased by $5,000, and now the BTC/USD pair is trading at $58,000.
First of all, the active growth of bitcoin is associated with the end of the expiration, which amounted to a record of $6 billion. When fulfilling urgent contractual obligations, it was extremely beneficial for large BTC holders to slow down the growth of the main cryptocurrency's quotes in order to squeeze out the maximum profit. After the fulfillment of all obligations under the derivatives contracts, the BTC/USD pair began to show growth.
The positive news background that has formed around the market in the last few days has played an important role in the growth of bitcoin. The CEO of the main investment partner of bitcoin MicroStrategy, predicted the growth of the first cryptocurrency to $5 million. In addition, a very bold prediction was made by a Bloomberg strategist, who said that in 2021, the BTC/USD pair could soar to $400 thousand. Mike McGlone believes that in the near future, the number of institutional investors who want to protect their assets with the help of bitcoin will increase drastically, which will provoke an increase in the quotes of the cryptocurrency. More local predictions were also shared by trader Peter Brandt, who is confident that within the current bullish cycle, the quotes of the main crypto asset will grow by more than 250%.
In addition, like the cryptocurrency market, BTC overcame the price correction that overwhelmed the main assets against the background of a new bitcoin record and the impending expiration. However, there is every reason to believe that, after the end of the current cycle of value adjustment, large investors will resume their interest in the main cryptocurrency. This will be due to rising inflation amid a difficult economic situation due to the third wave of coronavirus. Large companies will buy BTC in order to protect their assets from inflationary losses. To put it simply, as long as the rate of inflation does not subside, bitcoin will be in demand among institutional investors as a means of hedging against risks.
It is also worth noting that the fluctuations in the quotes of the BTC/USD pair were triggered by the disparity of the number of long and short positions on crypto exchanges. Retailers were hoping for a prolonged growth of the cryptocurrency and opened long margin positions. In this case, the market reacted contrary to the sentiment of investors, which provoked a huge daily loss ($2 billion) among traders. As of 10:00 UTC on March 29, the BTC/USD pair shows active growth without visible drawdowns, and all of the above suggests that bitcoin is on its way to new historical records.
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