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Saturday, September 25, 2021

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Bitcoin rallied and analysts claim Joe Biden’s law didn’t break its trend

The Bitcoin it has been rising since July 20 after it hit a local low of $ 29,278. It created a higher low on August 5 and resumed its ascent afterward. So far, it has managed to hit a high of $ 46,700 yesterday.

“It is approaching a very significant resistance level between $ 46,800 and $ 47,800. Regaining this level would go a long way towards indicating that the trend is still bullish.” They assured from By In Cripto.

However, none of the shadows looming over the crypto space, such as new tax burdens and increased regulation, seem to bother the bulls in the least. The US Senate gave the green light to the bipartisan $ 1 trillion infrastructure plan on Tuesday, which will now go to the House of Representatives and which includes the intention to tax cryptocurrency transactions, raising $ 28 billion in ten years.

But experts emphasize that, far from being negative, this news indicates that the “crypto“They are highly regarded in Washington.” cryptocurrencies they are going to be an important source of fiscal income to finance the infrastructures “, it indicates Emilie choi, President and COO of Coinbase ‘in an interview with’ Bloomberg TV ‘. “That is really a very positive thing. It is no longer a fringe thing, it has become ‘mainstream’ and it is a long-term game.”

With most analysts and experts determined to see the glass half full, we can only wait for the catalysts for a new rally up to $ 100,000. To Tom lee, an analyst at Fundstrat Global Advisors, will be at the end of 2021. The company’s co-founder and head of research advises investors to follow a simple rule: if bitcoin exceeds its average price of the last 200 days – a measure of long-term momentum. deadline- it’s time to buy. The currency crossed that hurdle in recent days.

Besides, “If bitcoin were to reach the performance of ethereum this year, the price would approach $ 100,000”, ‘Bloomberg Intelligence’ senior commodities strategist tweeted, Mike McGlone.

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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