Historically, November is one of the best months for bitcoin

Renewed its highs for the year around $16,000 on Wednesday, rising nearly 3% overnight. At such levels the first cryptocurrency was trading in early January 2017.

"The ability to hold above $15,000 is great news for crypto market participants, increasing the chances that the consolidation process will end in growth, pushed by fundamentals," notes FxPro's analyst team.

Coindesk analyst Omkar Godboul named three main factors that contributed to the rise in bitcoin value at 60% since the beginning of September, writes RBC.

Among others: the entry of institutional investors into the market, the reduction of bitcoin supply in the market and the technical aspect - the cryptocurrency overcame the most important resistance level of $12 500, after which buyers became even more active.

In 2021, the rate of bitcoin will grow to $20 thousand and update the historical maximum, forecasts Bloomberg analyst Mike McGlone. In favor of BTC growth speaks the rally that began in the cryptocurrency market, as well as technical and fundamental indicators.

Analysts at cryptocurrency exchange Kraken have released a new report on the bitcoin market, stating that FOMO and whale action will drive bitcoin to new highs. They note that November has historically been one of the best months and one of the most volatile for bitcoin of the year.

Meanwhile, billionaire and founder of Bridgewater Associates Ray Dalio believes that the authorities will ban bitcoin if its success seems too great. In an interview with Yahoo! Finance, Dalio said that he doubts the prospects of bitcoin and prefers .

The billionaire recalled that in the past the authorities had already banned gold, the only flaw of which they saw as an opportunity to use it as a means of accumulation. Dalio sees other obstacles in the way of the first cryptocurrency, including its volatility.