Bitcoin’s price hit a record Wednesday. A strategist at Fundstrat sees even more upside from current levels in the next six to 12 months.
The cryptocurrency touched $28,871.87 earlier Wednesday, its highest level on record, according to Dow Jones Market Data. It has since pulled back a touch to $28,819.92, up 7.3% from its levels at 5 p.m. on Tuesday. Bitcoin has soared more than 493% from its 2020 bottom around $4,857 on March 12.
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David Grider, lead digital strategist at Fundstrat, said Bitcoin’s positive momentum is being fueled by institutions and corporations purchasing more of the asset and retail demand driven by the latest wave of stimulus checks, among other factors. He raised his six- to- 12-month target on Bitcoin to $40,000, up from his prior target of $25,000.
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