After Bitcoin reached the level of 55 thousand dollars … what do analysts expect as a next step?
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Answer After Bitcoin reached the level of 55 thousand dollars … what do analysts expect as a next step?
Bitcoin price fell early in the Wednesday session by day traders who decided to lock in profits.
The major cryptocurrency surged to a two-week high above $55,000 by 1:00 UTC, up 13.24 percent from its one-week low so far at $49,238.
Traders increased bids for bitcoin after Chinese company Meitu bought bitcoin with $17.5 million worth of bitcoin.
Bullish sentiment was also boosted after Norwegian company Aker ASA also announced that it had bought 1,170 bitcoins as a reserve for its new cryptocurrency project, Seetee AS.
Bitcoin’s upward trend was also helped by the technology company NYDIG’s revelation that it had attracted $200 million in a funding round led by Stone Ridge Holdings Group, Morgan Stanley, New York Life, MassMutual, Soros Fund Management and “FS Investments”.
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The investment expects to present Bitcoin as an alternative investment asset across multiple sectors, ranging from banking to clean energy.
Bitcoin price hike:
On Wednesday morning, the exchange rate of bitcoin against the dollar reached 55,861 dollars on the US cryptocurrency exchange Coinbase.
The subsequent sell-off led to Bitcoin dropping to $53,113 and then back to the $54,000 level at the time of this article’s publication.
According to leading analysts in the sector, the cryptocurrency has more room for growth as it looks to retest its record high above $58,000.
Cryptocurrency analyst “Nikko” expects that it is possible to test the technical support level first, which is located near $52,000, before Bitcoin resumes its upward movement.
The statement of this analyst was as follows:
I don’t expect further declines to sub-$50K levels on the way to new all-time highs.
Cuddle and hold your coin when diving and wait a while.
Analyst Johnny Mo showed some caution.
Johnny indicated that Bitcoin could pull back after its recent bullish move.
But it is likely that Bitcoin will rise after some correction.
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Mr. Mo’s analysis and statement came as follows:
It is certainly possible that Bitcoin will continue to all-time highs, but I think it is more likely that we will bounce back and consolidate further.
And if you want to take a 50/50 chance, you can go visit the roulette wheel.
I tend to expect there to be long new highs.
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The dollar is getting stronger:
Bitcoin’s rally this week also coincided with a cooling off period in the US government bond market.
The yield on the 10-year US Treasury fell to 1.545% on Tuesday after closing the previous session at 1.594%, its highest level in more than a year.
Analysts expect volatility to continue amid higher growth expectations for the US economy.
On the other hand, the US dollar can continue its upward trend, which is contrary to the price of Bitcoin in the short term.
The US currency is up about 2% against a basket of foreign currencies and if it continues to rise it could affect the price of Bitcoin indirectly.
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