Bitcoin prices hit further highs on Tuesday, extending a record bull run amid growing mainstream adoption signs.
The benchmark cryptocurrency added 6.90 percent to set a second consecutive daily session in the green, climbing 11.96 percent so far into this week. It is now on course to deliver his second straight monthly gain, with traders eyeing $20,000 as their primary upside target.
The Wednesday moves came after endorsements from popular figures, including Game of Thrones-fame Maisie Williams, who took to her Twitter profile to ask whether or not she should long Bitcoin.
should i go long on bitcoin ?
— Maisie Williams (@Maisie_Williams) November 16, 2020
Her tweet attracted responses from the likes of billionaire investor Mike Novogratz to Tesla founder Elon Musk himself. Overall, the high-profile mentions of the word ‘Bitcoin’ across social and print media accelerated.
Meanwhile, Mariner Wealth Advisors, a wealth advisory firm with more than $35 billion worth of assets under management, hired a crypto-focused investment firm for its registered investment advisory services. The move attested to Mariner’s inclination towards offering their clients Bitcoin investment products.
In other pro-crypto events, Republican Senator-elect Cynthia Lummis reiterated that she would advocate Bitcoin and its features as a store-of-value asset among her colleagues.
Earlier, legendary investors Paul Tudor Jones and Stan Druckenmiller had admitted their exposure in the Bitcoin market. Last Friday, Skybridge Capital also filed an amendment with the US Securities and Exchange Commission, seeking permission to use their $3.6-billion fund to invest in Bitcoin.
Booming Bitcoin Demand
Greg Waisman, co-founder/COO of Mercuryo.io — a crypto wallet service, told BlocDesk that Bitcoin rose in the past few weeks because of the amount of money flowing in and out of the market.
The analyst cited data from Santiment while highlighting a 7 percent uptick in the number of wallets that hold 10,000-100,000 BTC in the last 30 days. He also stressed that more mainstream investors have started looking at Bitcoin as their insurance against an ongoing economic turmoil.
“Slicing through a weak resistance wall of $17,200 will likely lead to a further advance towards $18,560 and potentially new all-time highs before the end of the year,” Mr. Waisman added.
Nevertheless, Bitcoin’s technical bias was bearish. The cryptocurrency’s extended upside rally brought its Relative Strength Indicator into an overbought zone. That typically amounts to an imminent bearish correction.
Many analysts also agreed that Bitcoin must correct by at least 30 percent to continue its upside moves in the long-term.
This is the previous high and a very healthy pullback.
— Crypto Michaël (@CryptoMichNL) November 17, 2020
BTC/USD was trading 1.08 percent lower from its yearly high at the time of publishing.