2021-8-13 07:40 |
The Bitcoin (BTC/USD) price crawled back after dropping below $44,000 in the overnight session. The coin rose back to $45,000, bringing its total market capitalization to more than $845 billion.
Bitcoin strong rally takes a breatherBitcoin has been in a strong bullish rally recently. The coin has managed to rally from below $30,000 in late July to more than $46,000.
This recovery happened because of the overall momentum as risky assets like Bitcoin and Ether rose. This was partly because of the overall dovish Federal Reserve, which has insisted that the current inflation wave is temporary. This view was validated this week after data showed that consumer prices eased slightly in July.
Meanwhile, there are early signs that large companies were planning to allocate some of their funds to cryptocurrencies. MicroStrategy, Tesla, MassMutual, and SpaceX have maintained their Bitcoin holdings. Further on-chain data shows that large transactions have risen.
The Bitcoin price has also been helped by the strong sentiment from analysts. Early this week, Thomas Lee of FundStrat reiterated that the coin will likely rise to more than $100,000 by the end of the year.
His sentiment was shared by Sylivia Jablonski of Defiance ETFs who also predicted that the coin will keep rising to $100k. She mentioned the fact that more companies will likely allocate funds to digital currencies. She also expects that more people will start using cryptocurrencies more frequently.
Just this week, AMC said that it will start accepting Bitcoin later this year. And, there are still signs that Amazon will accept the currency. You can watch the interview below. Still, there are some concerns about regulations of the cryptocurrencies industry.
Bitcoin price predictionThe 4H chart shows that the BTC price found a strong resistance at this week’s high of $46,758, which was the highest level since May. The coin remains above the 25-day and 50-day moving averages. It has also moved above the neckline of the double-top pattern.
The BTC price is also above the important support level at $42,568. Therefore, there is a possibility that the coin will keep rising after the strong rally took a breather. This price action will likely happen during the weekend or in the coming week. This view will be invalidated if the price drops below $42,568.
The post Bitcoin price prediction after another analyst points to $100k appeared first on Invezz.
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