The Price of Bitcoin Was Adjusted Above $47000, Analysts Call For Room to Rise
Bitcoin prices are currently retesting the opening price in 2022, and the subsequent decline took three months to recover. Over the past two days, the price of bitcoin has been adjusted between $47000 and $48000. This is the result of breaking through the multi-week consolidation on March 27, 2022. Analysts now believe that bitcoin may have more upward movement in the short term. In addition, the price of bitcoin is about $32000, which has made a strong support level.
It is worth noting that today, the market value of the whole cryptocurrency has risen to more than $2.2 trillion. Bitcoin and Ethereum are in the leading position, with market capitalization of US $900 billion and US $407 billion respectively.
What Do Analysts Think of Bitcoin?
The rebound in prices is due to the inflow of funds from institutional investors. According to a survey by Goldman Sachs, more than half of the institutional investors surveyed have cryptocurrency assets. Well, it’s no coincidence, because cryptocurrency assets perform better than traditional stock markets. In addition, cryptocurrencies have outperformed the precious metals industry over the past decade.
“We should expect more institutions to adopt bitcoin in the future and increase the financialization of bitcoin through financial instruments commonly used in traditional financial markets,” Arcane research said.
The rising momentum of bitcoin is also supported by technology price action. It is worth noting that most indicators, including the moving average, point upward.
“We turned to the medium-term bullish bias and noticed that the medium-term momentum has turned positive, with the 50 day moving average pointing upward,” Katie Stockton told Barron weekly. “
Bitcoin has short-term upward space and follows up towards the next resistance level around $51000… On top of this, the secondary resistance level around $55200 will become the target.”
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Bitcoin and Cryptocurrency Markets
The cryptocurrency market has attracted high-profile investment and therefore considerable criticism. Bitcoin prices are currently retesting the opening price in 2022, and the subsequent decline took three months to recover.A breakthrough at the current level should see assets soar to the next resistance level, about $52000. Then, at around $5700, the asset may encounter significant resistance and may recover and be ready to go.
In addition, in the previous bull market, the asset encountered major resistance for the first time at this level. Nevertheless, the asset can easily overcome the obstacles of the past and create a new ATH. However, bitcoin’s success is not unlimited. It is said that the asset needs to consume a lot of power to ensure its network security. Therefore, environmentalists launched a campaign called “change code and pay attention to climate”.
Through the “change the code and pay attention to the climate” campaign, environmentalists proposed to transfer bitcoin from POW to POS. However, this may not be a simple effort, because bitcoin is a decentralized and globalized asset. In addition, POW has a large investment and it may take a long time to convince miners.
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