With 95.26% YTD Growth in 2021, All Eyes are on Bitcoin

As the year 2021 is coming to an end, the entire cryptocurrency community has started paying attention to Bitcoin (BTC). Surprisingly, it is not just the Bitcoin and cryptocurrency community, but it is also the potential institutional investors’ community that is looking at Bitcoin.

As the year 2021 began, the entire cryptocurrency community had really high hopes for Bitcoin. As Bitcoin broke its curse from 2017, hitting an all-time high of $28.5k per BTC in 2020, it started its year of 2021 with a blast.

Up until January 10, 2021, Bitcoin continued with its high trend, hitting one all-time high (ATH) after another. It was on January 10, when Bitcoin observed its first plunge when it was about to hit the $40k per BTC barrier. That is when the plunge hit it and its price came all the way down to around $31k per BTC.

Just when the entire crypto-community thought that Bitcoin was going to face the same trend as back in late 2017 and early 2018, it did something exactly the opposite.

On February 6, Bitcoin did cross the $40k barrier by hitting an all-time high of $40,532.79 per BTC until that particular period. Over the course of time, Bitcoin has continued experiencing dips in its price, were the one starting from mid-May was the longest-running one it faced in 2021.

Finally, Bitcoin managed to recover from the plunge and it is currently facing a resistance hitting $60k per BTC. At the time of writing, Bitcoin is at a price of $58,142.26 per BTC, experiencing a 0.79% drop in the past 24-hours. Even in the past 30-days, BTC’s price has gone down by 7.32%. As for the entire year, BTC’s YTD performance stands at 95.26% growth.

Among the rest of the cryptocurrencies, Bitcoin seems to be having the bumpiest ride. This is mainly because there are several positive and negative factors affecting its price.

When it comes to negative factors, it is Tesla’s announcement of discontinuing BTC as a payment method in mid-April. Then it was China’s all-out crackdown again BTC mining and other BTC-related operations within the country. Then it was the “blood-Bitcoin” dilemma that has caused it to experience such dips.

However, the number of positive factors is more than the negatives. The first factor is constant investments from mainstream institutions in Bitcoin such as MicroStrategy, Galaxy Digital, PayPal, El Salvador, and Venezuela. All these factors are playing their role in keeping Bitcoin’s head high.

Keeping all the factors into consideration, the performance graph for Bitcoin shows that it will indeed experience another all-time high.

Initially, there were predictions made around BTC that it would hit $144,000 per BTC figure by the end of 2021. However, the Chinese and Tesla involvement was not accounted for at that time.

However, the analysts from Morgan Stanley, Bank of America, and the price forecast proposed by CoinMarketCap predict that BTC will indeed cross the $70k per BTC figure by the end of 2021.