Bitcoin reached the $52,153 mark during Monday's trading. Thus, we can say with confidence that the next milestone has been taken, and the upward trend continues. In previous articles, we have already talked about the fact that bitcoin continues to grow, and there are already few who can now name the reasons for this growth.
Bitcoin grows simply because it is being bought. Thus, it seems that despite all the expectations of many experts about a long correction and consolidation, bitcoin may well resume its upward trend and update its all-time highs this year. At least at this time, everything is going exactly to this. We still believe that bitcoin is growing because new tax legislation may be enacted in the United States soon, which will greatly reduce the attractiveness of bitcoin as an investment asset. However, this may have been the initial reason why bitcoin started to rise from the $30,000 level. Now it can continue to grow because the "hamsters" have returned to the cryptocurrency market, who again felt profit and easy money and joined the trend "buy bitcoin because it is growing."
At the same time, billionaire Bill Miller's foundation published a report, which says that bitcoin is only in the initial stages of human adoption and implementation in all spheres of human life. Bitcoin will soon have to catch up with gold in terms of capitalization. The report said that bitcoin remains quite volatile, but its risk-reward ratio remains attractive to many investors. Also, the Miller Opportunity Trust believes that the bitcoin capitalization will grow to $11 trillion (this is how much all gold on Earth is estimated at this time). Earlier, Bill Miller stated that bitcoin is not a "bubble", but its high volatility is a payment for the benefits it gives to its owners.
The head of Miller Opportunity Trust also noted that the supply of bitcoin is increasing by 2% per year, and the demand is growing much faster. which means a further increase in the value of bitcoin. Thus, in the long term, the growth of bitcoin is likely to continue, but in the short term, a new round of decline in value is absolutely possible. As a reminder, JP Morgan analysts warn their clients that bitcoin may fall soon. Note that to identify the beginning of the fall, you should wait for specific and clear technical signals. So far, there are none, so there is no point in trying to sell bitcoin when it is at local highs.
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