The current price of Bitcoin has broken through $40,000. ZB.com research report said. There are two factors driving Bitcoin's price surge. One is that retail investors have paid more attention to it. Second, it has something to do with institutional investors competing for hoarding Bitcoin. According to the market, Bitcoin still has an upward trend according to my bias , what is your opinion ,are we going bearish or bullish?
I will add another one base on the 2 that you've said already. I agree with the 2 of it maybe but this is the 3rd one and probably the reason why it went up so high.
HYPE.
It might sounds funny but yes hype caused the market to go up even more than we expected. Many are thinking that when we broke the last ATH of $20,000, it is the start of the bull run already and that is why investors tried to bought at that price causing its price to go higher. Add also the institutions that are buying Bitcoins on a daily basis.
Right now we are still in a bullish run long term. However, I may expect a correction in the next weeks possible.