Bitcoin surged more than 3% on Tuesday to $13,480, putting the digital currency within striking distance of its June 2019 high of $13,880. If bitcoin does surpass $13,880, it would reach its highest level in almost three years. The price surge was probably due to a series of good news like the one that Paypal is enabling account holders to buy, sell and transfer bitcoin, lending credibility to the asset and showing that we are actually one step forward towards global adoption.
Even institutional investors are slowly moving into the crypto space. JPMorgan said last week that bitcoin looks attractive as it competes with gold as an “alternative” currency. The firm noted that millennial investors favor bitcoin over physical gold. JPMorgan said it believes bitcoin could double or triple from current levels and would have to surge 10x to match the value of all the physical gold in the world. “Even a modest crowding out of gold as an ‘alternative’ currency over the longer term would imply doubling or tripling of the bitcoin price,” JPMorgan said.
Technicals
Over at the technical point of view, we see that since March 2020 after the crash in prices, the price has been on a steady uptrend forming higher highs and higher lows. With the two previous highs at 9.6k and 12k. Also, should prices break June 19 high becoming the highest it ever been in 3 years, the next resistance insight is all time high of 20k.
