RATE Group | Bitcoin Needs Enhancements and Institutional Money to Beat $20K Highs, Say Analysts
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Bitcoin Needs Enhancements and Institutional Money to Beat $20K Highs, Say Analysts

03 May Bitcoin Needs Enhancements and Institutional Money to Beat $20K Highs, Say Analysts

Posted at 20:00h in Bitcoin News by

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The price of Bitcoin has finally picked up since April after struggling to stay above the $6,000 mark earlier in the year. Investor confidence within the cryptocurrency market is getting on its feet as the market cap reaches $450 billion and BTC dominance drops to nearly a third of the market. There are three factors that could prompt a rally in its price capable of printing new highs, according to analysts.

Bitcoin Rally Will Feed Off Enhancements and Institutional Money, Analysts Say

As the price of Bitcoin gets closer to the $10,000 area again, a number not seen since March, analysts take note of what is needed to bring the cryptocurrency back to $20,000 and higher. Adoption as a store of value and as a medium of exchange is paramount to establish Bitcoin in the currency market. A number of changes must happen first in order to promote such adoption.

Christian Ferri, president and CEO of BlockStar, an all-in-one blockchain ecosystem for entrepreneurs and investors, told Forbes that…

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