The price of bitcoin has recently increased to $29,000, not far from where it has been for the past two weeks. Recent price changes have not been significant, but at the same time, bitcoin is unable to even adjust following the second wave of rapid development. As long as prices remain above the upward trend line, which is presently indicating an upward trend, the trend will likely continue to rise. As a result, we continue to forecast that the first coin will increase to a value of $29,750.
If we discuss the fundamental background, it has lately gotten much better. First, the Fed publicly hinted that the cycle of tightening monetary policy was about to come to a stop. Second, the Fed was compelled to adopt a $300 billion new stimulus program as a result of the banking crisis. When evaluating these elements objectively, it becomes clear that there isn’t much of a case for bitcoin to increase in value. The rate will eventually cease rising, but until then, monetary policy easing will have to wait at least a year. This is because US inflation is still too high. The $300 billion quantitative easing program isn’t even a good reason to purchase bitcoin; it’s just extra money in the economy that will be specifically directed to the cryptocurrency market, driving up demand for the digital currency. However, 300 billion is not a lot given that the Fed produced several trillion dollars during the pandemic.
Many industry professionals and market players still support bitcoin, though. For instance, the once-software development-related company Microstrategy still buys cryptocurrencies at essentially any price. The business disclosed the acquisition of an additional 6.5 thousand coins for about $22,300 in the SEC report. Thus, with a total value of $4.1 billion, nearly 140,000 coins are now concentrated on the balance sheet of the business. It should be noted that the business does not dislike using credit funds for investments and that the average purchase price of coins is around $30,000. Currently, Michael Saylor’s business’ long-term investments in bitcoin are not profitable. When it comes to global bitcoin reserves, the company continues to hold the top spot.
Bitcoin has now reached a critical level on the 24-hour time frame of $25,211, allowing traders to start making purchases. They can now be held with a $29,750 target. A rebound from this level – sales are possible, as the instrument should at least slightly adjust after an additional 30% increase (and an increase of nearly 100% from the previous lows). Beyond $29,750, we start new acquisitions or pause existing ones with a target of $34,267.
The material has been provided by InstaForex Company – www.instaforex.com
The price of bitcoin has recently increased to $29,000, not far from where it has been for the past two weeks. Recent price changes have not been significant, but at the same time, bitcoin is unable to even adjust following the second wave of rapid development. As long as prices remain above the upward trend line, which is presently indicating an upward trend, the trend will likely continue to rise. As a result, we continue to forecast that the first coin will increase to a value of $29,750.
If we discuss the fundamental background, it has lately gotten much better. First, the Fed publicly hinted that the cycle of tightening monetary policy was about to come to a stop. Second, the Fed was compelled to adopt a $300 billion new stimulus program as a result of the banking crisis. When evaluating these elements objectively, it becomes clear that there isn’t much of a case for bitcoin to increase in value. The rate will eventually cease rising, but until then, monetary policy easing will have to wait at least a year. This is because US inflation is still too high. The $300 billion quantitative easing program isn’t even a good reason to purchase bitcoin; it’s just extra money in the economy that will be specifically directed to the cryptocurrency market, driving up demand for the digital currency. However, 300 billion is not a lot given that the Fed produced several trillion dollars during the pandemic.
Many industry professionals and market players still support bitcoin, though. For instance, the once-software development-related company Microstrategy still buys cryptocurrencies at essentially any price. The business disclosed the acquisition of an additional 6.5 thousand coins for about $22,300 in the SEC report. Thus, with a total value of $4.1 billion, nearly 140,000 coins are now concentrated on the balance sheet of the business. It should be noted that the business does not dislike using credit funds for investments and that the average purchase price of coins is around $30,000. Currently, Michael Saylor’s business’ long-term investments in bitcoin are not profitable. When it comes to global bitcoin reserves, the company continues to hold the top spot.
Bitcoin has now reached a critical level on the 24-hour time frame of $25,211, allowing traders to start making purchases. They can now be held with a $29,750 target. A rebound from this level – sales are possible, as the instrument should at least slightly adjust after an additional 30% increase (and an increase of nearly 100% from the previous lows). Beyond $29,750, we start new acquisitions or pause existing ones with a target of $34,267.
The material has been provided by InstaForex Company – www.instaforex.com
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