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.
Recommended Content
Editors’ Picks
Bitcoin is showing rising correlation with the S&P 500
Bitcoin and the crypto market have been in an uptrend since Wednesday following the Federal Reserve's decision to cut interest rates by 50 basis points. Bitcoin is up nearly 3% in the past 24 hours, rising briefly above the $63,000 level for the first time in three weeks.
Ethereum rallies over 6% following decision to split Pectra upgrade into two phases
In its Consensus Layer Call on Thursday, Ethereum developers decided to split the upcoming Pectra upgrade into two batches. The decision follows concerns about potential risks in shipping the previously approved series of Ethereum improvement proposals.
Consensys case against SEC over Ethereum dismissed by Texas court
Consensys announced dismissal of a case it filed against the SEC in April about the agency's alleged actions against Ethereum. Judge Reed O'Connor of the Northern District of Texas dismissed the case on Thursday. Consensys claims that the court failed to examine the "merits" of its claim against the SEC.
XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV
Ripple (XRP) gained 2.3% since the start of the week. The altcoin’s gains are likely powered by key market movers that include Ripple USD stablecoin, Grayscale XRP Trust performance and the demand for the altcoin among institutional investors.
Bitcoin: On the road to $60,000
Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.