Right from the beginning of the year 2021, Bitcoin (BTC) was shining the brightest among all other cryptocurrencies. The largest cryptocurrency in the entire world with respect to demand and market capitalization went onto break all the records that it had previously set.
The escalation in the price of Bitcoin (BTC) continued to take place until January 10, 2021, when things turned south. On January 10, 2021, it was for the first time that Bitcoin (BTC) managed to hit an all-time high of $41k per BTC.
By achieving this, Bitcoin (BTC) had proven to the entire cryptocurrency and mainstream industry what it was capable of. As always, Bitcoin (BTC) continued to reign over the entire crypto-verse until its prices plunged again. Within 24-hours, the price of Bitcoin (BTC) plunged from $41k, all the way down to $30k per BTC.
When that happened, the entire cryptocurrency community as well as the mainstream industry was in shock. While there were some analysts whose speculations turned somewhat true as they claimed Bitcoin (BTC) would again plunge, but their excitement was also short-lived.
The majority of the mainstream institutions and the cryptocurrency community was confident about the potential and bullish run of Bitcoin (BTC). Despite the fact analysts predicted Bitcoin (BTC) would plunge down to $20k per BTC, it remained stable above $30k per BTC market.
As soon as Bitcoin (BTC) hit the $30k per BTC mark, it rebounded and came all the way up to $34k per BTC. For the next three weeks, Bitcoin (BTC) tried to maintain itself above the $34k per BTC mark but then it managed to cross the $35k per BTC barrier again.
One of the major drivers behind the surge for Bitcoin (BTC) prices above $35k again was a Tweet made by Elon Musk where he showed support for the largest cryptocurrency.
Later, about a week ago, the company owned by Tesla revealed that it has invested $1.5 billion in Bitcoin (BTC). This resulted in the price of Bitcoin (BTC) crossing the $40k per BTC barrier again and then hitting another all-time high of $44k per BTC.
Since then, Bitcoin (BTC) has only experienced more investments and support come in from mainstream institutions. One of the major proponents of Bitcoin (BTC), Michael J. Saylor was recently seen pitching Bitcoin (BTC) and its benefits to more than 14,000 mainstream institutions.
This resulted in Bitcoin (BTC) gaining even more trust and attraction in the mainstream industry. Just today, two major announcements have been made by two giants from different sectors, both looking into the option of investing in Bitcoin (BTC).
The first platform is the social media giant Twitter and the other platform is the investment banking giant Morgan Stanley.
Keeping all of the above factors in mind, the analysts are confident that Bitcoin (BTC) will be hitting another all-time high of $50k in the coming week. At the time of publishing, the price of Bitcoin (BTC) is hovering around $48.75k per BTC.