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The value of bitcoin instantly increased by 10% on Friday. What awaits the coin until the end of 2021?

According to the Binance cryptocurrency exchange, at the time of writing, bitcoin was trading at around $ 47,460, showing an increase of 9.38%. An hour earlier, the digital coin was getting more expensive by 10%.

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According to the CoinMarketCap portal, which calculates the average cost of more than 20 exchanges, the value of BTC increased by 9.5% to $ 47,470.

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Recall that during the first quarter of this year, the price of Bitcoin doubled to $ 58,700 from an approximate $ 29,000 in December 2020. In April 2021, the king of the cryptocurrency world broke the historical record of $ 64,850, and it lost a third of the value in May. Then the BTC price dropped to $ 37,300 from $ 57,700. Later, during the three summer months, it rose to $ 47,000. In September, it sank again by more than 7%, closing at $ 43,300. However, on the first day of October, it instantly recouped the losses of the past month.

As for the long-term forecasts for this seemingly completely unpredictable virtual currency, analysts have already shared their preliminary scenarios. Since the fourth quarter is traditionally successful for Bitcoin (in the 4th quarter of the past year, the growth of BTC was 168.8%), by the end of 2021, the digital coin can update the maximum annual figures. Thus, by December of this year, the value of bitcoin may reach the level of $ 71,000, more than 10% exceeding the historical record of April.

The material has been provided by InstaForex Company - www.instaforex.com