Bitcoin price news: BTC crypto could rise SIGNIFICANTLY in 2021 bull run

Bitcoin price news: BTC crypto could rise SIGNIFICANTLY in 2021 bull run

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has exceeded many traders’ expectations this year, after more than doubling in value in 2020. This has seen the bitcoin price adding almost 50 percent to its value this month alone. BTC is currently trading at £13,894 ($18,528), as of 8am on Monday, November 23, according to Morningstar data.

Danny Scott, CEO and Co-Founder of CoinCorner thinks there are many reasons to remain optimistic BTC’s impressive performance will continue.

I can only see more positive growth in 2021

Danny Scott, CEO and Co-Founder of CoinCorner

He told Express.co.uk: “As we come to the end of what has been an iconic year for bitcoin, I can only see more positive growth in 2021.

“Living and breathing this extremely fast-paced industry and soaking up global bullish news daily means that I’ve forgotten more good news from this week alone than bitcoin had in years back in its early days.”

Stated simply, bitcoin is finite and there will only ever be 21 million of the digital asset.

May witnessed bitcoin’s third halving — an event that occurs approximately every four years, halving the supply of Bitcoin coming into circulation.

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Bitcoin price news: BTC crypto could rise significantly in 2021 bull run

Bitcoin price news: BTC crypto could rise significantly in 2021 bull run (Image: Getty)

This year saw BTC go from 12.5 bitcoin to 6.25 bitcoin per block, roughly every 10 minutes.

Mr Scott said: “There are expectations for what might come after, with history telling us that the Bitcoin price will typically begin to rise significantly (20x+) within the 18 months following a halving — often simply put down to supply and demand.”

If the coin did rise by 20 times its value, this would make bitcoin worth £277,880.

However, although the supply is fixed, CoinCorner CEO suggests the “dynamic demand” has been underestimated at each halving.

He said: “During the [2017] bull run, we were signing up a record number of registrations but our system and processes weren’t ready for this, and we weren’t alone.

Bitcoin price news: There are many reasons to remain optimistic that BTC’s impressive performance will continue

Bitcoin price news: There are many reasons to remain optimistic that BTC’s impressive performance will continue (Image: getty)

“Some of the larger exchanges had to freeze registrations as they couldn’t handle the throughput, while others experienced technical issues with their trading engines locking up and websites going down due to overload.

“This time around though the industry as a whole is better prepared for the predicted 2021 bull run – it’s not perfect, but it’s better.”

Mr Scott added there is also a change in where the demand is originating from this time.

“Compared to 2017 when demand came from the retail market – this will eventually happen again, of course – the current demand is coming from an institutional level completely flying under the radar for many people and it looks set to continue through 2021.

“Roughly 27,000 bitcoin are mined [brought into circulation] each month and although this may sound like a lot, it’s really not.

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