Leading cryptocurrency Bitcoin (BTC) managed to close above $ 13,000 yesterday for the first time in more than two and a half years after weekly positive news.
According to Coinbase market data, Bitcoin last closed six weeks after reaching an all-time high of $ 19,892, surpassing $ 13,000 on January 15, 2018. Although Bitcoin traded over $ 13,000 for a short time in late June and early July 2019, it couldn’t close above this level.
The news this week that PayPal will allow its customers to buy and sell certain cryptocurrencies has recently given the leading cryptocurrency a strong bullish source, along with Bitcoin investments from Square and MicroStrategy. Just yesterday, JPMorgan analysts wrote that Bitcoin has “significant upside potential”.
Bitcoin (BTC) Gains in Value
Bloomberg Intelligence also set a $ 13,000 exit price target for Bitcoin in its July report. Bloomberg Intelligence Senior Commodity Strategist Mike McGlone, who wrote the report, told CoinDesk that he was affected by the surge of Bitcoin to over $ 10,000 in late July and turned that level into support in early September. For the future, McGlone said that Bitcoin’s “fundamental and technical indicators continue to be positive.”