It sounds crazy, especially when looking at Bitcoin’s skyrocketing gains over the past year, but analysts at Entrepreneur media think there are some huge motivations for Bitcoin to surpass $ 60,000 and $ 70,000 on the road to reach $ 90,000.
The main factors driving Bitcoin to rise in price are increasing usage, increasing hashrate and diminishing supply, but there are a few other factors.
Bitcoin is increasingly expanding its reach across economies and the demand is growing exponentially. Here are 7 reasons analysts believe Bitcoin will skyrocket during the year.
Goldman Sachs starts offering cryptocurrencies
Investment bank Goldman Sachs announced the start of offering Bitcoin and other cryptocurrencies to wealthy customers in the second quarter. Although not limited to Bitcoin, this news is a huge boost for it as well as for the entire crypto market. Goldman Sachs is currently the second largest bank on Wall Street to offer digital assets and may not be the last. With more than $ 1,800 billion in assets under management, it wouldn’t be difficult for Goldman Sachs to move the Bitcoin market.
Paypal accepts cryptocurrencies for payment
PayPal emerged in the crypto space last year when it started facilitating ownership of Bitcoin, Ethereum, and other major coins. Now, the company is increasing its impact on the market by allowing customers to use cryptocurrencies to pay for services. Now, Cryptocurrency Checkout will automatically appear as an option for those holding digital assets. The service will automatically convert digital currencies to fiat upon payment, making it the easy and unified method of using Bitcoin as we know it. PayPal has over 300 million customers and 20 million active merchant accounts.
CME Group launches Micro Bitcoin futures contract
Waiting for regulatory approval, CME Group launches a new Bitcoin futures contract that will be worth just 0.1 BTC, allowing institutions and traders another method to protect ownership of cryptocurrencies. and profit from short-term price movements. The bottom line here is that there is enough demand for the product to accelerate the development process.
“Since the launch of our Bitcoin futures in 2017, we have seen steady, continuous growth in liquidity and market participation in cryptocurrency derivatives. company, especially among institutional investors. The introduction of Micro Bitcoin futures directly responds to the need for smaller scale contracts from many customers and will provide more choice and accuracy in how participants can transact. Bitcoin futures contracts are regulated transparently and effectively at CME Group ”, said Tim McCourt, Global Director of Equity Index and alternative investment products of CME Group.
Chipotle Mexican Grill promoting Bitcoin
Chipotle Mexican Grill (is an American fast food brand that specializes in tacos and burrito. , Germany and France) are using Bitcoin as a way to connect with a young group of customers. The company will launch the game “Burritos or Bitcoin” next week and will give away up to $ 100,000 in Bitcoin with 3 winners of bigger prizes over $ 25,000. Other winners will receive Burritos (a side dish in Mexican and Tex-Mex cuisine consisting of a flour tortilla wrapped in a sealed cylinder around different ingredients. to soften it, make it more pliable and allow it to adhere to itself when wrapped) but that’s not the problem. The problem is that Bitcoin is attracting the attention of businesses and investors of all levels and is seen as a means of attracting business.
Mogo Inc launches cashback mortgage in Bitcoin
Mogo Inc is a Vancouver Canada-based fintech, founded in 2003 by David Marshall Feller. The company offers personal loans, identity fraud protection, mortgage, Visa prepaid cards and credit score viewing via Equachus. The company already supports the purchase and sale of cryptocurrencies, and the refund feature will now apply to mortgages. New offers of up to $ 3,100 in Bitcoin bonus accounts for those who use the app as collateral. The main attraction for Mogo users is a Bitcoin reward that has a tangible value outside of the Mogo app and can increase in price over time.
US President Joe Biden announced a huge new stimulus package
US President Joe Biden on March 31 announced a massive $ 2,300 billion infrastructure investment plan.
Speaking at the training center of the Pittsburgh, Pennsylvania carpenter’s union, Mr. Biden promised the results would be as massive as the New Deal or other economic stimulus programs that shaped America. 20th century.
“This is a one-time investment in a generation, unlike anything we’ve done since the construction of the federal highway system or the space race decades ago. ”Mr. Biden said. “This is the largest investment package in American jobs since World War II, will create millions of high-paying jobs.”
“I believe if we act now, then in 50 years people will look back and say this is the time when America won its future,” Biden said.
In addition to the infrastructure bill, in the coming weeks, Mr. Biden will also push another bill of similar size, to invest in household support programs, such as childcare services. This bill has a scale of nearly $ 2 trillion, and the money will come from high-income families and individuals.
According to AP, spending money on infrastructure can bring economic growth, but how much growth is always a controversial topic. For example, travel or freight times will be shortened, public health improves, and construction jobs will promote personal consumption.
Democrats welcomed Mr. Biden’s plan, while Republican leaders criticized Mr. Biden for wanting to raise taxes. Republican leader Senator Mitch McConnell stressed that no Republican congressman would support President Joe Biden’s $ 2,300 billion infrastructure investment plan.
Democrats, however, control the bicameral Congress of the US Congress, so President Joe Biden could easily win this time. And like every other time in history, this will help Bitcoin’s price skyrocket.
Bitcoin technical bullish outlook
Bitcoin may be nearing an all-time high before that, but we don’t think it’s still there yet. In our opinion, the past few months have produced a bullish sign on the weekly chart, which could take Bitcoin as much as $ 90,000 in a short period of time.
Let’s say we’re right and Bitcoin validates this pattern, the giant $ 30,000 flagpole model, placing price action right at the $ 90,000 mark.