The world’s top cryptocurrency by market capitalization reached a high of $18,267 on November 19th 2020. Bitcoin is now up 146% on a year-to-date basis and has gained nearly 70% so far this quarter. Global events such as COVID-19 and negative interest rates in traditional markets such as Germany as the outliers for bitcoin’s meteoric rise this year. Another factor could be monetary policies and increased government spending from some of the world’s largest economies including Europe and the U.S in recent months. Also, the payment firm Paypal announced that it would soon support Bitcoin (BTC/XBT), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). The company said the Paypal customers would be able to buy, sell and hold the virtual assets. In this regard, we expect a large increase in cryptocurrencies price including Bitcoin. Citibank Group’s Global head of Citi Fx Technicals product, Tom Fitzpatrick expects to see the price of bitcoin peaking at $318,000 by end of 2021.