Bitcoin, which is at the leading position in cryptocurrency market, continues to attract investors' interest thanks to the recent sharp price movements. Bitcoin, which broke the psychological level of 50 000 USD in the first place, rose to ~ 55 000 USD.

While regulation movements against cryptocurrencies stood out especially in recent months, Tesla CEO Elon Musk, who had announced that he bought $ 1.5 billion worth of Bitcoin in February 2021, noted that he would accept payments via Bitcoin as of March, leading to bullish movements.

But the nightmare for BTC started in May 2020. First, Tesla's CEO Elon Musk announced that he would not accept Bitcoin for the sale of Tesla cars due to the excess amount of energy used during the production of Bitcoin. After that, the Iranian Government banned cryptocurrency mining, which consumes a lot of energy due to the constant power outages in the country. Then, the Federal Reserve drew attention to the risk posed by cryptocurrencies for financial stability and reported that cryptocurrencies are dangerous.

By the end of May, after Chinese Vice Premier Liu Hi said that they would take strict measures on Bitcoin mining, and afterwards it declined below 30 000 USD. The coin, which had been following a horizontal course due to an increase in investor stress for a while, suffered losses exceeding 5 percent after the People's Bank of China (PBOC) banned all transactions including cryptocurrencies and its derivatives in September. However, the fact that cryptocurrency miners moved to other countries with less strict financial conditions, such as Canada, did not allow the decline to be permanent.

By October, Fed Chair Jerome Powell announced that he had no intention of banning cryptocurrencies, and Gary Gensler, the Chairman of the US Securities and Exchange Commission (SEC), supported Powell. These important figures led to significant responses in crypto market. Subsequently, with the resumption of mining activities in Iran, BTC exceeded 55 000 for a short period of time.

At the moment, there are forecasts that the central banks of developed countries, led by the Fed, will continue their supportive monetary policies against coronavirus for a while, and we believe that the upward potential will be preserved due to the recovering investor risk appetite in international markets. Here, ensuring permanence above 50 000 will possibly pave the way for the journey towards 59 250 and all-time peak of 64 660.