Bitcoin (BTC) is experiencing epic momentum. Less than a week ago, the flagship crypto had already particularly surprised with a record increase to $53,000. The asset surprises again by breaking the key resistance of $55,000. The reasons for this spectacular rise in this article.
The proponents of the rise of bitcoin (BTC)
Bitcoin (BTC) continues to confirm asset manager VanEck’s expectations regarding its resurgence in 2024. After a recent surge that took the flagship crypto’s valuation beyond $52,000, the asset has just achieved once again a remarkable breakthrough.
This brings the market value of the queen of cryptos to around $57,300. Bitcoin broke the resistance of $55,000 by gaining 11.14% on its valuation in the space of 24 short hours! Enough to arouse the enthusiasm of investors.
This notable increase in the price of bitcoin is the result of several factors. On-chain data suggests as the first and main factor, the interest of institutional investors supported by the optimism of the crypto market.
According to this data, we are witnessing a constant accumulation of bitcoins by whales. A trend which indicates a strong long-term bullish sentiment suggesting the increased attractiveness of the asset to demanding investors looking for sustainable profits.
What about the outcomes of this BTC upward trend?
As bitcoin (BTC) appears to be on a series of remarkable breakthroughs in recent days, what should we expect from the flagship crypto’s prospects? Some analysts have recently answered the question.
Someone like Michaël van de Poppe boldly predicted a 40% collapse in bitcoin’s valuation amid macroeconomic austerity. For the moment, this prophecy does not seem to go in the direction announced.
Robert Kiyozaki, the investor who needs no introduction, has put his finger to the fire in favor of a rise in BTC to $100,000 by June 2024. With the price of bitcoin at $57,300, the trends seem prove him right.
Interestingly, despite this bullish sentiment, short sellers betting against bitcoin are reinforcing market optimism. A divergence which suggests a continued rise in the price of bitcoin (BTC), in the short term, at least.
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