Bitcoin has exceeded $ 50,000, levels that were not seen since last May, and experts are now betting on an attack on all-time highs near $ 65,000 ($ 64,869) that marked last April. “We see very bullish signals”says Vijay Ayyar, Asia-Pacific head of ‘crypto’ exchange site Luno. Bitcoin could “retest all-time highs” after having overcome levels that some had considered great challenges, he adds.
Analysts say that the key now is to leave behind $ 51,000, levels that should not cost you to exceed if you take into account its recovery since it fell below $ 30,000 last July. From the lows of the year that marked then, bitcoin accumulates a rally of no less than 70%.
In any case, the achievement of that first objective, as well as the path to maximums, will be marked by great volatility, something that characterizes this asset. We recall that bitcoin started last week trading near $ 46,000 before dropping to $ 44,000 on Thursday. It has since recorded a new rally that spanned the weekend, topping that $ 50,000 on Sunday.
“The price of bitcoin has seen a rapid rebound since the end of July in what has been a roller coaster for cryptoasset in 2021“remarks Simons Peter, eToro’s expert crypto market analyst.
EVERY TIME MORE SUPPORTERS
Increased adoption of cryptocurrencies is one of the main reasons for the recent rise in bitcoin prices. “Crypto adoption has exploded by no less than 881% in the last year”says Naeem Aslam, chief analyst at AvaTrade. The total market capitalization of digital currencies was $ 2.17 trillion on Sunday, according to data from Coinmarketcap.
“The increase in market capitalization has been supported by an 18% boost in the Cardano price and an 11% gain on the Binance. Dogecoin and Solana also increased 9% and 73%, respectively, during the same period of time, “explains Aslam.
Bloomberg writes that “there is nothing like price to change sentiment,” so the predictions that bet on a bitcoin in the 100,000 dollars are back in force. For Tom Lee, analyst at Fundstrat Global Advisors, this level will be achieved as early as the end of this year.
The decision of PayPal to allow UK customers to conduct ‘crypto transactions’, released on Monday, is supporting this latest bitcoin rally. Before, last week, the platform Coinbase announced a $ 500 million investment in cryptocurrencies.
In April, bitcoin hit that record price of nearly $ 65,000 amidst the rave reviews of Elon Musk, CEO of Tesla, on the cryptoasset and the Coinbase premiere, the largest cryptocurrency trading platform in the US, on the stock market.
However, more critical views later emerged, including a twist on Musk’s preferences, which went from saying that he would accept cryptocurrency to buy his cars to stating that he would not because of how much bitcoin mining consumes. China’s crackdown on cryptocurrencies has also aggravated the mood and contributed to the declines.