Earlier today, November 9, 2021, Bitcoin price made the $68,000 mark for the first time ever. This is in line with the view of most analysts in the coin market seeing that market sentiments have been bullish for weeks now.
According to PlanB, the popular Twitter analyst, it would have been foolhardy for anyone to sell Bitcoin in the past 3 weeks. In a recent tweet, he predicted that BTC will end the month at $98,000. This is not the most bullish prediction that we have heard about Bitcoin.
Analysts such as Tom Lee of Fundstrat predicted a few years ago that Bitcoin price will reach $250,000. It seems that this is no longer a remote possibility with the recent upsurge in the value of the asset.
Earlier today #Bitcoin hit $68,000 for the first time ever! It’s now settled around $67,800. Do you think it’ll go up or down by the end of the week? 🤔 pic.twitter.com/l4yzvc8DGO
— Uphold (@UpholdInc) November 9, 2021
Presently, there are 18,869,337 bitcoins in circulation out of a possible 21 million coins. This implies that adoption of the coin is increasing and consequently, it is a matter of time for the value to soar with demand.
A comment by BITCOIN4X on BTT stated the reason for increased circulation of the asset:
I think this increase tells us that many holders have either issued their old bitcoin for sale or that there is an increase in the number of old wallets being recovered. In your opinion, does this increase in circulation have a positive impact on bitcoin or is this a sign that many holders will sell their bitcoin?
Historical data shows that the price of BTC always increases whenever the block size halves. This always coincides with a bull-run and a corrective price phase. From all indications, we shall see higher price value for BTC, perhaps up to $70,000 by Friday, November 11, 2021 before any corrective price movement sets in.