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Markets to date: Bitcoin doubles in price in 2021 and the bull cycle does not stop

Mercado al die is an exclusive summary of the news that moves the bit coiner economy. It is sent in advance by email to a list of subscribers and then published every Monday on INA. If you want to have the information in advance, subscribe to the list  here.

The expiration of USD 6,000 million in options in the Bitcoin derivatives market (BTC), this Friday, March 26, caused uncertainty in the market since the beginning of the week. This led to a 10% drop in the price of BTC , as reported in this media on Wednesday 24. The collapse of the price predicted for this past Friday by some analysts did not occur, and the price returned to the levels of the beginning of the week , above USD 55,000.

Almost at the end of the first quarter of 2021, Bitcoin is close to doubling its price at the beginning of the year (+ 92%) , while during this month of March it exhibits an appreciation of 18%. In the midst of this boom, market watchers do not see the top of this bull cycle very close. This is stated by analyst Willy Woo in his most recent bulletin, commented on by INA this Thursday 26. Based on the pattern of accumulation of BTC by investors, Woo anticipates that “much of the year is missing” before the market top of this cycle, with a probable local maximum of USD 74,000 in the coming weeks.

As seen in the monthly candlestick chart above, the price drop a year ago looks miniscule in the current bull cycle, and the price of BTC has risen almost 600% in the last 12 months. The last two quarters have been particularly auspicious for the first crypto currency, especially the fourth quarter of 2020, with 176% appreciation.

The co-founder of the BTCC exchange, Bobby Lee, does see the cycle stop for the end of this year, according to statements given to CNBC, commented on INA, and anticipates that BTC will reach USD 300,000. However, Lee predicts that a “long winter” will follow the bull cycle. On the other hand, the analyst and influencer Juan Rodriguez – jauntier -, sees a possible 30% increase in the price of BTC after the expiration of options this Friday.

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