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Bitcoin reaches $14K In November - What You Can Expect to Happen

Bitcoin at 14k

November 9, 2020 | 

JOHN K MWANIKI |  2 Comments| 

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Bitcoin is having one of its best years. The coin has been on a sustained value increase since the start of the year. It started the year on the low, hitting $3,700 in March. At this point, some traders got pessimist about its future.

Most traders had expected the coin to operate as a hedge against stock downfall. It was yet struggling with a declining stock exchange at the onset of Coronavirus. The digital currency, however, recovered and has never looked back. The run culminates when Bitcoin reaches $14k in November

The coin has moved through the months past all the possible resistance levels. At one point, traders wondered whether it would hit the $10k mark. Most were preparing to cash out to avoid any losses.

The coin surpassed the targets to hit higher levels in June. It was performing well, with only Ethereum challenging its dominance. ETH was instrumental in supporting the booming decentralized apps

October still was not the greatest for BTC. It stayed on sideway market sentiments for a long time. It felt as though it had reached the peak for the year. There was a possibility of both bullish and bearish market movements.

It seems the bullish market run wins. The coin has regained to hit $14k in November. These are some of the best values since January 2018. The improvement marks an over 90% change in the coin value over the year. Bitcoin started the year at $7,194. 89.

Understanding what happens that Bitcoin reaches 14k in November 

The Bitcoin price movement to hit $14k is not a coincidence. The volatile nature of cryptocurrencies means they can move at any time. Still, the price movements work in a given system. It depends on different market factors.

One of the reasons behind the Bitcoin price movements is the effect of Coronavirus. The virus has affected the traditional economy a lot. Most of the world's crucial sectors stopped operating. 

All sectors, including transport, entertainment, tourism, and many more, stopped operations. The stoppage led to a decline in the stock markets.

The government has launched stimulus packages to cushion the economy. The move means injecting more money into the economy. The more money circulating in the economy means less value for the fiat currency. A low-value fiat trades unfavorably against digital currencies. This has led to the movement when Bitcoin reaches $14k in November. 

The other Coronavirus effect on the economy is the online world revamp. Lockdown has seen most people rely on the internet. Most online-based businesses have boomed in the period. This is the same for Bitcoin and other virtual currencies.

Blockchain technology has become integral in recent years. It is useful in several entities, as most people embrace the internet of things. Digital currencies are part of the most successful blockchain technology. The coins have had to increase in value as the technology becomes more mainstream. 

A Possible Sustained Bull Run

The market run after Bitcoin reaches $14k in November is not given. The different possibilities in the market mean the coin either gains or looses. For example, earlier in the week, it had reduced to around $13,550. The values didn't last as it backed up to $13,910. It is now back to the $14k worth.

Several market indicators show a possible sustained bullish run. The coin has gained users' trust over the year. 

It has become the best alternative to traditional stocks. Its use as a hedge against inflation is becoming clearer. Bitcoin will gain further as the economy receives a beating from the second wave Corona.

The lockdown and online cycle are likely to take another round entering into the new year. Already significant economies like Germany and France have announced possible lockdowns. While unfortunate for the stocks, Bitcoin will gain more. 

The other reason for sustained Bitcoin bullish run is the halving effects. The halving happened earlier in May, yet the results are widespread. The coin has a regular seasonality price movement. The changes happened such that it's not a surprise when Bitcoin reaches $14k in November. The technical analysis and other market tools show sustained growth into the end of the year.

Also, the coin is becoming more popular among institutional investors. This brings us to the next point. 

Increased Uptake by the Institutional Investors

Institutional investors are crucial in the run when Bitcoin reaches $14k in November. They have, for the longest time, avoided digital currencies. The volatile nature of cryptos has made it hard for the institutions to invest. They operate under strict guidelines that are not as risk-averse.

Bitcoin has, in recent times, been becoming more investor-friendly. It has employed several regulatory measures to make it more viable. 

The public ledgers allow for more scrutiny hence ease of investigating transactions. This has made it less viable for illegal transactions. 

The regulations have also been on for the crypto exchanges. Most of the Bitcoin exchanges currently operate like the other stock exchanges. The exchanges follow the Know-Your-Customer regulations. They are also obliged to inform the authorities of any suspicious transaction. 

The changes have led to institutional investors looking at Bitcoin's way. The massive money from the institutions plays a role when Bitcoin reaches $14k in November. 

The same market movement will continue as Bitcoin becomes more mainstream. Already PayPal has announced plans to offer Bitcoin access on the platform. As one of the popular money transfer methods, it would boost Bitcoin's profile. 

Other institutions, like traditional hedge funds, have also backed Bitcoin. For example, after a long fight with Bitcoin, JP Morgan has, at last, supported the digital currency. The hedge fund company had earlier released its cryptocurrency, JPM Coin. The move was a vindication to the crypto world it had earlier on opposed.

The banking giants also supported Square's Bitcoin purchase. It claimed it as a show of confidence on the coin. 

Several more institutions will be taking Bitcoin as it becomes more accessible. The Bitcoin futures and other derivatives will also remain popular. 

Bottom Line 

The crypto currency world has had an active year. The coins have performed well, culminating when Bitcoin reaches $14k in November. The digital currency economy still has a role to play as the second wave of lockdown takes shape. Institutional investors are also looking at virtual currencies. Expect more growth of Bitcoin into the future. It's still on course to reach $20k by the end of the year. 

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2 Comments

Like this article

John Mucullum
https://www.ausfinex.com/blog/

0     Reply    8 months ago from: Australia

John Mucullum
Completely agreed with your blog, bitcoin is growing day by day and getting too much popularity among youngsters. I love to read these kind of articles. Recently i also found one of the fantastic website for Crypto & bitcoin blogs along with your website.

0     Reply    8 months ago from: Australia

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