Bitcoin (BTC) experienced a rapid move above $15,500 for the first time since January 2018 when the largest cryptocurrency was entering a new bear trend after hitting $20,000. Now, according to the data analytics company Skey, Bitcoin has 14% probabilities of ending the year above $20,000, the digital currency’s all-time high.
Bitcoin Probabilities to Reach $20k At 14% at the End of December
As per a recent tweet published by Skew, they show how Bitcoin has a 14% probability of ending this year above $20,000. As per the company, Bitcoin has more probabilities of ending the year above $15k than below this price level. This shows how high we have come this year after the Coronavirus crisis and the U.S. presidential election.
In March 2020, Bitcoin was traded below $4,000 for a brief period of time. Other altcoins were also traded at their lowest point in months.
As reported by Skew, Bitcoin’s probabilities of being above $20,000 in November are close to 7%. Instead, if we take into consideration March 2021 and June 2021, the probabilities are close to 25% of Bitcoin being traded higher than $20,000.
It is worth mentioning that what it seems to be a massive bull run for Bitcoin is also related to a large number of fiat on-ramp solutions that have been implemented by several companies in the crypto market. We are referencing Binance, one of the largest exchanges in the world, Cash App from Square, PayPal – which still didn’t roll out its service to all of the potential users – and many others.
For example, Square Cash Bitcoin sales continue to grow. As reported by the crypto research company Messari, Square Cash registered $1.6 billion in BTC sales during the third quarter of 2020. This represents an increase of 86% compared to the second quarter of this year.
The impressive numbers come when we compare these sales with the sales registered over the past year, the current numbers show it is 1,002% higher now than what it was in the third quarter of 2019.
In addition to it, companies including Square and MicroStrategy have started with strategic purchases of Bitcoin for several millions of dollars. This has also pushed the price of the virtual currency higher.
At the time of writing this article, Bitcoin is being traded around $15,633 and it has a market capitalization of $290 billion.