The past few weeks have been an incredibly bullish period for Bitcoin. We went from a summer low of near $ 28k, all the way back to over $ 58k. The thought that maybe this bull is over is erased from memory and the bull market is officially back. There were several key factors that helped Bitcoin return to this level. Bitcoin Acceptance as Legal Tender in El Salvador, Bitcoin Payments on Twitter, and the US Government Saying They Won't Ban Bitcoin. There were also whispers of a possible US Bitcoin ETF, which may have caused the price to rise in anticipation of the news. But other than that, we're moving up quietly. It's a very exciting thing. Because once FOMO kicks in and retail shoppers join in,
But what comes next? What are the things on the bitcoin horizon that will drive bitcoin to over $100k, over $150k, over $200k and eventually over $1 million.
Yes, there have been countless rumors of US ETC approval for Bitcoin and that has made the price go up. There are heavy rumors that the ETF will be approved as early as next week and that will be the catalyst to start the frenzy. It's worth mentioning that the first ETF approved is rumored to be a futures ETF, and while it's not the ETF we were hoping for, it's still going to spark this price frenzy regardless. The US has the highest GDP in the world and is home to a huge percentage of the world's financial markets. This will allow many businesses, hedge funds and pensions to seamlessly invest in Bitcoin. There is a huge wave of money about to come to Bitcoin with this. I'm as bullish as one can be, but when this is approved, I believe it will immediately send us to new all-time highs. This will also give us a huge momentum that could push the price towards $100,000 very quickly. Hope you are ready and bought your bitcoins.
An often overlooked upcoming Bitcoin event is that the Bitcoin protocol will soon be updated with Taproot/Schnorr. Although this is not an upgrade that will drastically change Bitcoin on the day of its release. This is an upgrade that will slowly have a huge impact. This helps make Bitcoin transactions much more private and will also help make smart contract building easier. Like it or not, bitcoiners are stubborn and they will build many of the things that are on other chains to bitcoin as well. This will bring a ton of additional value to the chain. But how will this affect the price? I don't think it will have a big impact on the price, but rather a nice little one. And honestly, that's all we need. Bitcoin has reached such a high market cap that even a few percentage points in the green means that their price increases by thousands of dollars. Add a few of these days together and the price of Bitcoin will increase a lot. Many people are not paying attention to this very important update to the Bitcoin protocol.
As the price of Bitcoin continues to rise, more and more people will want to get in on it. The same goes for companies; especially when dealing with the current global times. Bitcoin is looking more and more attractive as an inflation hedge and I believe we will soon see some large companies put Bitcoin on their balance sheets. Companies rumored to be Bitcoin range from Apple, Amazon, Walmart, Microsoft and the list goes on. I think some of these companies will eventually buy, and a few other companies not listed here will buy as well. Just remember how the price of Bitcoin was affected when Tesla and Square bought Bitcoin. The same thing will happen when these other big companies buy bitcoins. Another thing to keep in mind is that there will be many companies that will allow the use of Bitcoin payments in their services. Like buying things with Amazon with bitcoin or Tesla re-integrating bitcoin payments. These announcements will have a bullish impact on BTC price as well.
One of the biggest stories of 2021 is that El Salvador has made Bitcoin legal tender in their country. I think most people would agree that this experiment turned out much better than we expected. Bitcoin's layer 2 lightning was able to handle transactions very well. The amount of attention and use it has seen only increases the amount of development and adoption much faster. Other countries are watching and will soon take the same steps that El Salvador did. The CEO of BitMex predicts that 5 countries will accept Bitcoin as their legal tender in 2022. If that happens, the world will never be the same and your Bitcoins will have gone to the moon in terms of price. Who knows if next year 5 countries will accept it. But it only takes 1 or 2 to trigger even a big bull. Especially if the country is larger in size and GDP like Brazil, Ukraine or somewhere similar. We've had retailers buying bitcoins, we've had hedge funds buying bitcoins, we've even had companies buying bitcoins. But when countries on a large scale start buying bitcoins. This is the point where we stop denominating prices in dollars and start thinking about denominating them in BTC. Those who have Bitcoin will become rich.
In the not-so-distant distance, the next Bitcoin halving will happen. Again, halving the bitcoin mining reward. We all know this is going to be very bullish and have a big effect on the stock price to the flow. The next half will come sooner than you think. I hope you have prepared yourself by accumulating bitcoins.
While these are just a few of the bullish things that could happen during Bitcoin's short-term horizon; there are many other things that can happen and pop out of nowhere. That's the exciting thing about this market. There are new things happening every day and it can be hard to keep up with the news. That's what I love about this market.
What about you? Which event do you think will send the price of Bitcoin higher? What are your BTC price predictions?