Will Bitcoin’s short-term hit $13,000 break the record high of $20,000?

Bitcoin price trend 7 days
The 50-day price of Bitcoin in the vicinity of $8,000 on June 22, after breaking through $10,000, started a new round of violence, from $10,000 to $11,000, which took less than 24 hours. At present, the transaction price of bitcoins on several digital asset exchanges has touched $13,000, a step closer to the historic high of $20,000.
According to Coin MarketCap, the global digital currency ranking website, the price of Bitcoin is currently at $12608.79, or 86,805 yuan, with a maximum price of $12867.79, a daily increase of 11.35%, and a total market value of $224.2 billion. Bitcoin has risen by more than 300% compared with the year’s lowest price of $3191.30.
In terms of the total market value of digital currency, Bitcoin has been dominant for 17 consecutive months, accounting for more than 60% of the total market value for the first time, reaching 61.9%, and showing a rising momentum.
Many in the industry believe that the rise is related to Facebook coins, the global social networking giant.
Xu Kun, vice president of OK strategy, believes that from an industrial point of view, the launch of Libra by Facebook, JPM Coin by JPMorgan Chase, the trial run of Bakkt Bitcoin futures in July, the release of regulatory opinions on FATF digital passes and so on are all driving investors’bullish sentiment towards Bitcoin. From the market point of view, the demand for over-the-counter Bitcoin allocation has increased dramatically, the recognition of Bitcoin in traditional financial markets has gradually increased, and the net inflow of funds has promoted the price of Bitcoin market to rise sharply.
Zhao Xiaojun, a futures analyst at CUHK, believes that as social giants enter the encryption market one after another, they will bring huge traffic to Bitcoin, which will greatly promote the development of Bitcoin. Other digital currencies will inevitably follow the trend, but due to the lack of effective regulation of other digital currencies, the risk will be greater than that of Bitcoin.
In fact, unlike previous times when Bitcoin led other digital currencies to rise together, in the top 10 digital currencies, except for ETH, which rose 5.77% to $331.28, the other digital currencies hardly rose more than 1%. Even LTC and EOS declined by 0.99% and 0.05%, respectively.
According to the industry’s grandfather, only ETH keeps up with the rising rhythm of Bitcoin in the mainstream digital currencies, probably because new funds flooding into the market are afraid of the high price of Bitcoin when choosing their targets. “At present, it seems that ETH can hardly be replaced in the second largest digital currency for a short time.” However, some analysts believe that only Bitcoin and ETF have risen, while other mainstream digital currencies are no longer rising, which is a sign of divergence of views on capital in the market.
As the price of Bitcoin hit $13,000 in the short term, some big traders also appeared to be starting to put the market down. According to data released by the Commodity Futures Trading Commission, the Chicago Mercantile Exchange (CME) held 14% more short positions in Bitcoin futures than long positions last week, and the increase in short positions indicates that “big players” are now bullish on encrypted money markets.
“In the short run, speculative sentiment is high, and the probability of profit-making is greater,” Xu Kun pointed out. “In the long run, the rising space is far from reaching the ceiling, and the pre-peak is likely to break through in the future.”
But some analysts believe that the bull market in the currency circle has officially begun. “Now is the initial stage of the bull market, most people do not think it is now a bull market, just to prove that the bull market has come.” Analysts veterans believe that the bull market is divided into three stages, the first stage is the warehousing period, in which turnover will increase; the second stage is the warming up period, the market began to rise steadily, institutions began to enter the market, many Shanzhai currency clubs. When investors react that the market has begun to enter the bull market, they enter the third stage, a large number of “leek” pour into the market, the prices of all kinds of junk coins rise, and the profit plate will start to ship.

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