Bitcoin is inching closer to its all-time high figure after seeing the bulls takeover to safely push the leading digital asset above the $19,000 price mark. With this feat, Bitcoin has now officially reached a figure that was last reached in 2017, with the coin only 4% shy of touching its all time high of $19,780.
A critical look at Bitcoin’s performance shows that the digital asset has seen a massive overall price movement of 165% this year, with the coin registering over 40% in the whole of November. Even though traders and investors have all to smile for regarding the price of the digital asset, analysts and experts have pointed out that the flagship cryptocurrency must first experience a price correction before hitting its all-time high figure.
Bitcoin might undergo correction before hitting an all-time high price
Looking at Bitcoin’s previous pattern on its way to hit all time high price figure in 2017, one can notice that the bullish momentum was able to sustain the coin on the road to hit the figure. After hitting the figure, the bears took over, and the coin witnessed a price correction with the coin losing around 30% of its value then. Analysts have made the crypto community believe that this current bullish run is different as Bitcoin has many factors that have influenced its move.
Also, analysts have pointed at market activities such as institutional investments and retail participation as the trigger that the coin needs to hold on to its bullish momentum. Another thing that analysts have pointed out is that even though the current surge does not possess the hype of the 2017 surge which led to the springing up of crypto exchanges, one can deduce that the market is well primed to see Bitcoin touch that figure and even surpass it in the days to come.
Institutional investors are the major factor behind Bitcoin’s surge
One thing that has shown that people are rushing to get a share of the digital asset is the surge in the amount of times Bitcoin has appeared on google trends. Furthermore, Binance CEO Changpeng Zhao has noted that the crypto exchange is currently recording a high rate of trading volume as traders are trying to gain profits from other altcoins as Bitcoin continues to push to the top. Another analyst and trading specialist at the trading platform, eToro, Simmon Peters, has also noted that there has been an increase in crypto trading.
In his analysis, he notes that the Bitcoin price surge is currently seducing traders as the firm has recorded a surge close to 81% in the number of Bitcoin trades carried out on the platform. Another factor contributing to the massive rise in the price of the digital asset is that small scale investors are also buying the remaining Bitcoin massively. Major investments are buying bitcoin in larger quantities with the supply of the leading digital asset already streamlined by the halving that occurred in May.