Bitcoin (BTC) touched an intra-day high of $29,300 on Wednesday evening, according to TradingView data, fueling supporters’ hopes for the cryptocurrency hitting the crucial $30,000 mark before 2020 is over.
The cryptocurrency had retreated from the intra-day high at $29,063.86 as of press time.
Bitcoin saw some consolidation this week after seeing a massive surge over the last weekend. The cryptocurrency’s 2020 returns stand at about 305.9% from a $7,160 starting point.
Several analysts have pinned institutional investors as the primary factor driving the Bitcoin rally.
A year-end rally could also be driven by window dressing, a practice where fund managers look to dress up their portfolio by including assets that gave high returns in the year — like Tesla Inc. TSLA 4.32% and Bitcoin in 2020 — in an attempt to show that they didn’t miss out on massive gains.
See Also: Warren Buffett Called Bitcoin ‘Rat Poison’ — Now It’s Closing In On Berkshire Hathaway’s Valuation
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