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Bitcoin Exploded Past $20,000, Extending the Year-To-Date Return to 185%

Bitcoin exploded past $20,000, extending the year-to-date return to 185%
Bitcoin risen past $20,000. Photo Credit: David McBee

For the first time, Bitcoin on Wednesday soared past $20,000, shattering its record set last month.

As of 9:30 a.m., Bitcoin jumped more than 5% to sell at around $20,550 ET, shattering a record set in late November of $19,857.

On Wednesday, the cryptocurrency leaped 5 percent to around $20,550, taking its gain to 185% as more investors warm up to their potential as an inflationary shield, Bitcoin has notched steady gains this year.

Experts have projected a visitation of $20,000 to $22,000 level at least half a dozen times before the spike of Bitcoin through to the $30,000 range later in 2021.

An increase in cryptocurrency values and unprecedented movements in monetary policy are rapidly drawing big money to an environment that was largely retail bettors’ domain.

Bitcoin exceeded Wednesday’s $20,000 to touch a milestone and this year’s price has almost tripled. The record-setting streak of Bitcoin may have much more to go.

“We will be visiting the $20,000-$22,000 level at least half a dozen times before we break through to the $30,000 range later in 2021, said Alex Mashinsky, the CEO of Celsius Network.

In a time with low volume or with poor news, Mashinsky said bitcoin might even re-test the $14,000-to-$16,000 levels.

That’s definitely going to be the last time any of us will have a chance to purchase bitcoin below the $20,000 level.” he added.

But according to Glen Goodman, the author of the bestselling book “The Crypto Trader,” history has a warning for people buying bitcoin at its new all-time-high.

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