Bitcoin (BTC) made an excellent comeback from its March 2020 lows and this performance is being noticed by institutional investors. Recently, Rick Rieder, CIO of Fixed Income at BlackRock, said that Bitcoin could replace gold because it is “more functional than passing a bar of gold.”

Comments like these are a positive sign as they demonstrate that the narrative of Bitcoin being seen more and more as digital gold, even among mainstream investors, is gaining acceptance.

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A new report from crypto investment firm Pantera Capital attributes the recent rise in the price of Bitcoin to PayPal’s new crypto service. According to Pantera, the data shows that “PayPal is already buying almost 70% of the new bitcoin supply,” and Cash App the rest 30%, which has created a real supply shortage.

Daily view of Crypto market data. Source: Room360

Opponents of Bitcoin have long described the asset as too volatile, but research by investment management firm Van Eck found that around 51% of S&P 500 stocks are either equal or more volatile than Bitcoin. on a 90 day basis.

Findings like these could attract more investors to cryptocurrencies if the data becomes widely known.

Investors are now wondering if the price of Bitcoin hit a new high next week and if altcoins will follow suit?

Let’s study the charts of the top five cryptocurrencies to determine the path of least resistance and spot the critical levels on the up and down.