Bitcoin soared to new highs and lows and successfully cleared the psychological barrier of $ 50,000.
Currently, the bitcoin price is looking towards the $ 60,000 level, as it has increased its momentum from the market bulls.
Bitcoin has gained 18% in the past seven days, reaching an all-time high, and as it has risen, the volatility of the cryptocurrency has diminished compared to the alternative digital currencies.
Although Bitcoin has seen many ups in the past few years, this time is different from others, according to several market experts.
Cryptocurrency analyst Joseph Young is among those who believe that the price and value of Bitcoin will continue in the long term.
He commented on Twitter that:
This bitcoin rally is more sustainable than previous highs.
Because whales are actively buying or accumulating Bitcoin, not selling or making a profit.
This basically strengthens the upside.
Analyst Joseph Young went on to reveal that most Bitcoin (BTC) whales decided to accumulate more cryptocurrency when the value of Bitcoin was hovering between the $ 30,000 and $ 40,000 range.
He attributed the reason for the collection by the whales to the fact that the “Tesla” company decided to collect Bitcoin and add it to its balance sheet around that time.
With the presence of many institutions such as “Micro Strategy”, “Square” and “Stone Ridge” that support Bitcoin and add it to treasury reserves, the price of Bitcoin has stabilized to a large extent, which helped attract renewed interest in the cryptocurrency sector, and benefit from currencies. Digital alternative and sending it in an uptrend.
The purchase of $ 1.5 billion Bitcoin from Tesla was a huge catalyst for the growth of the industry, as it reduced the risk of the idea of owning bitcoin for public companies.
This has also led market analysts to make a positive speculation about what this could mean for Bitcoin in the long term.
Some have suggested and speculated that the next company that will announce its Bitcoin direction is Apple, because this will benefit the crypto sector as well as the tech giant alike.
“Cathy Wood”, CEO of “Ark Invest”, expected that more and more technology companies will hedge bitcoin in the future, which makes them understand more about Bitcoin and integrate it into their basic technologies.