Naeem Aslam
Zaye Capital Markets
Bitcoin price has made a new all time high. The move in the bitcoin price is mainly driven by the Tesla news. Elon Musk has decided that his company needs to invest in bitcoin rather than having all cash. The 1.05 billion investment in Bitcoin is tiny but this can change the industry trend—meaning other companies can also follow Tesla’s foot step.
Concerns have already started to surface that there could be some shortage of Bitcoin as big companies may start to invest in Bitcoin. Basically, now we are looking at a landscape where not only billionaires but mega companies with their gigantic market caps investing in Bitcoin.
In terms of technical analysis, Bitcoin price has recorded another all-time high today. The reality is that we are more likely to see plenty of them as the price is highly likely to continue its journey towards the 50K price level. This will be only a small to medium term target for Bitcoin. The major target that many are looking at is the 100K price level. It is true that it may take us some time to get there but traders do believe that it is certainly possible.
The information is purely for education purposes only and cannot be perceived as an advise.
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