However, it’s key to note, it recovered some of the losses stated above, as it bounced back above $34,000 at the time of writing this report.
Regardless of the prevailing drop witnessed at the flagship crypto’s market, Bitcoin is still on track to record its best winning streak in more than a year after, breaching the $30,000 price level over the weekend.
Sequel to the plunge happening at the flagship crypto market, rich buyers of late have been using over-the-counter platforms in buying and selling huge amounts of Bitcoin which has been narrated as a positive signal for BTC. Merely two days after the outflows surged, BTC surged past $30,000, reaching $34,000.
In addition, Jesse Cohen, a senior crypto analyst in a note to Nairametrics spoke on the outlook for Bitcoin in 2021.
“I expect Bitcoin to remain highly volatile to the downside in the new year, given the potential for more scrutiny and tighter regulation. That should see prices fall back from their record highs, with the prospect of increased regulation being the most important factor affecting Bitcoin in 2021.”
However, as it gained more than 300% in 2020, many crypto experts wonder if BTC can continue such gain in 2021.