Bitcoin has shown impressive strength lately, achieving a new record above $48,000, and then retaining the maximum of its recent profits.
The world’s largest virtual currency reached $48226. 25 around 2:00 a. m. EST, based on CoinDesk data.
At this stage, bitcoin is traded to a new record and has risen 66. 7% since the beginning of the year, according to other CoinDesk figures.
After reaching this level, the cryptocurrency experienced modest volatility, falling to about $45,000 around 8 HOURS EST.
Since then, bitcoin has basically fluctuated between $45,000 and $47,000, and is quoted at $46992. 56 at the time of writing.
[Editor’s Note: Making an investment in cryptocurrencies or tokens is highly speculative and the market is largely unregulated. Anyone who contemplates this will be willing to lose all their investment].
Bullish perspective
The virtual currency rose convincingly in 2021 and has so far fully controlled those gains.
In this context, several analysts presented positive feedback on the next destination of the world’s largest virtual currency.
Marouane Garcon, CEO of the Amulet cryptographic derivatives platform, spoke of the relative modesty of Bitcoin’s latest decline and described it as “an indicator that we are not finished. “
“This can be a one-year bullish race because the drive of primary and state-owned enterprises shows no signs of slowdown,” he said.
Jesse Proudman, CEO of encryption coverage fund Strix Leviathan, presented a perspective and stated that:
“A strong buying tension potentially manifested through bitcoin’s ‘money narrative’ has raised costs thanks to these recent short-term declines and there is a strong call for Bitcoin in those markets. “
“These last two quarters will remain in the same line as market behavior in early 2017,” he said.
“Apart from broader macroeconomic events, markets seem to have room for manoeuvre. “
Jeff Dorman, the leading investment director of asset manager Arca, spoke.
“As long as the dollar remains under pressure and interest rates remain below 1. 50-2. 00%, and new entrants continue to enter the Array virtual asset market. . . we think it will be a year of “buy, ” he predicted.
“There will be watering holes,” dorman. Bitcoin has more resistance than ever before, but that doesn’t mean the costs can’t be transmitted.
“The key will be how Bitcoin reacts to falls, how it reacts to positive news, because there is a lot of leverage and dynamism that is driving upward movements right now.
Nicholas Pelecanos, chief operating officer of NEM, presented his two cents, stating that:
“Since this is the first primary correction since covid’s sale in March 2020, this leads me to suspect that this bull market is starting. “
“In short, the value stock we’ve noticed in general is a feature of a Bitcoin bull market, and I expect additional increases in the coming weeks and months.
Disclosure: I bitcoin, bitcoin cash, Litecoin, ether and EOS.
I am a monetary editor and editor with a wisdom forged in asset markets and investment concepts. I am currently vice president of content at Quantum Financial Services.
I am a monetary editor and editor with a forged wisdom of asset markets and investment concepts. Currently, I am vice president of content for Monetary Corporate Quantum Economics. I have worked for money establishments such as State Street, Moody’s Analytics and Citizens Commercial Banking. Author of more than 500 publications, my paintings have left their mark on media such as the New York Post, the Washington Post, Fortune, CoinDesk and Investopedia. Previously, I created all business finance education courses for a company of more than three hundred people. I have spoken to industry occasions around the world and gave speeches on monetary literacy for Mensa and Boston Rotaract. Lately I own Bitcoin, Bitcoin Cash, Litecoin, Ether and EOS.