After Elon Musk’s tweet, Bitcoin prices went up by 9% in less than 24 hours. Market reports are going around that they are skeptical about Bitcoin’s growth but some say the loss will rebound soon. Also, some analysts say that price of the crypto can go up to $85K by the end of the year.
Analysts say bitcoin might cross the $40K threshold soon
Elon Musk’s tweets play a vital role in the price of bitcoin. It might go up to heights or can face downfalls. His recent tweet regarding Tesla’s acceptance of crypto, helped bitcoin to take a hike. The crypto’s price increased by over 9%. Musk further said that the acceptance will only follow if the energy consumed was at least 50% renewable.
The Fxpro senior Financial Analyst says that there is a newfound excitement in the cryptocurrency world recently. Alex says the crypto market is experiencing a new phase with the positive decision. And this is because El Salvador’s parliament is to include bitcoin as the country’s official payment service.
Kuptsikevich further adds by mentioning that they are experiencing strong and positive price momentum. Users who put off their purchases are also entering the market with greater enthusiasm. He also adds that the total capital of crypto increased by $126 billion within the last 24 hours. At the time of writing market capitalization of BTC is $756.20 B. Fascinating facts. Don’t you think?
Thoughts about BTC
In the beginning, I told you about the $85K news. Right? That follows by a chance that BTC might smash records with the S2F (stock-to-flow) pricing model. Decentrader’s analysts say that price is below 200DMA is not exactly a bullish sign but a price above 200DMA and 128DMA would bring confidence in the market again.
While Decentraders and Alex think that there is a future for BTC whereas other people feel that there will be a prolonged price decline in the crypto market. By other people I mean JPMorgan chase and its group of analysts say that bitcoin is going to go through the bearish price breakdown. Bearish price breakdown here means the same as prolonged price decline where security price drops 20% from recent highs.
JPMorgan Chase also mentions and feels the development is weak for BTC when comparison takes place with institutional investors. They also report that small nations might follow El Salvador’s path of making BTC the primary service in their country. Pankaj Bilani, CEO, Delta Exchange, explains that BTC’s market shows that there is a 30% chance of closing its price at $50K by July end.
What are your thoughts about the prediction related to bitcoin’s future? Do you think that by the end of the year BTC’s price can hike up to $85K? I would love to read about what you think about this in the comment section below. Do you like our content and don’t forget to share this with other bitcoin lovers.