For the first time in over two and a half years, Bitcoin closed above $13,000. The last time it closed above $13,000 was on the 15th of January, 2018. 2020 has been an exceptional year for bitcoin as the value has increased tremendously since the beginning of the year. This can be attributed to many factors and one of the main factors is – Bitcoin halving event that takes place once in four years. Halving reduces the incentives that miners get from mining bitcoin by half which makes it more valuable.
Furthermore, recently, bitcoin has been very volatile and bullish because PayPal announced this week that it would allow its customers to buy and sell certain cryptocurrency on its platform. Also, there has been a recent investment in Bitcoin by Square and Microstrategy. All these factors have contributed to the recent rise in bitcoin. Most analysts have concluded that the future predictions for both technically and fundamentally remain positive as most people predict bitcoin to surpass the $20,000 mark.