Bitcoin jumped more than 3% on Tuesday to $13,480, placing the virtual currency within success at its peak of $13,880 in June 2019.
If bitcoin exceeds $13880, it would succeed at its point in about 3 years.
The cryptocurrency has benefited from a number of positive headlines over the following week. Square said he continued his bitcoin investment by buying $50 million in virtual currencies in a day without getting married without disrupting the market.
Institutional investors are beginning to realize this. JPMorgan said last week that bitcoin is hot because it competes with gold as an “alternative” currency. The company noted that Generation Y investors prefer bitcoin to physical gold.
JPMorgan said the idea of bitcoin could simply double or triple existing grades and would have to do so 10 times to fit the price of all physical gold in the world.
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“Even a modest eviction of gold as an ‘alternative’ long-term currency would involve doubling or tripling the value of bitcoin,” JPMorgan said.
This point is $ 14,000, 4% above the existing value of bitcoin on Tuesday afternoon.
“Bitcoin has noticed its short-term boost in its long-term uptrend and has a smart margin to resist, which is close to $14,000,” Fairlead Strategies founder Katie Stockton said on a note last week.
If bitcoin is decidedly in the industry above its resistance point of $14,000, all eyes will be on its next and last remaining resistance point: $20,000. A break above this point would set the cryptocurrency to new historical highs.
Since the beginning of the year, bitcoin is up 87%, but still 32% below its 2017 peak of $ 19,783, according to data from Coindesk.
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