Bitcoin did manage to hit another all-time high while calibrating its price up to $61k for a whole day and taking a drastic step back by losing $4k of worth in terms of the $61k price and did manage to settle for $58k the other day. While this up and down tumble of the crypto market continues, the Deutsche Bank has come forward with conventional polling supporting the rise of Bitcoin in the coming days and possibilities of a new bull run as well.
This poll was following the new relief package put out by the U.S government amid the Coronavirus Pandemic, where every family would receive about $1400 based on their income and tax returns history.
According to the Deutsche bank poll, about 35% of the investors would be using this relief money and tending to the stocks market. A research strategist from the Deutsche bank, Jim Reid, had to add to the matter that the young and more aggressive investors would be taking a somewhat daring approach trying to invest their money into the crypto market rather than going towards the traditional stock market experience.
This would definitely lead to a price bump towards the cryptocurrency in general, and by the market cap that Bitcoin has, of course, Bitcoin would gain the biggest chunk of it all.
What Made This Price Bump Possible for Bitcoin?
Well, the current all-time high for Bitcoin, which was about $61k, did transpire after the American president Joe Biden signed the $1.9 trillion package after its approval from Congress and Senate. According to this package, those disturbed due to the Pandemic and overreaching economy will be able to have some relief in terms of continuing with their average spending during these hard times.
But according to the experts, a large chunk of that relief package is bound to hit stocks and crypto markets because people get impulsive when they have some money in their hands to be able to invest. That is why it is believed that the price of Bitcoin will skyrocket amid these progressive events.