Bitcoin Soars Past $60K Mark and Hodlers are Already Celebrating the $100K

The flagship currency Bitcoin has once again gotten a big price tag on it, $60 K to be precise. After getting an evaluation of $58 K in the past week, almost the entire crypto market was anticipating this bullish mark with BTC investors seen quoting the axiom, another day, another ATH (All time high). The current impression of this crypto asset is that it is building further on its 2021 gains. This fresh 5% hike has made BTC the highest-rated cryptocurrency in the world.

Hodlers are getting warmed up for a party to be thrown in favor of BTC bullish growth. The currency is said to eventually reach a six-figure evaluation in a matter of few months. It should be noted that at the moment, BTC’s total market cap has already passed the threshold of $1 trillion evaluation. The continuous increase in the investment flow and a large amount of money in Bitcoin derivatives are helping it to keep rallying upward.

BTC Investment Pools to Drive the Price Higher

It has been a year since the Black Thursday event took place in 2020. It is a great time for committed BTC investors to look back and compare the market differences. With the widespread spike of the Difficulty Adjustment Algorithm (DAA), the bullish trend continues to soar for BTC. Despite, all expectations this breakthrough ATH of Bitcoin is a major development since the currency kept meandering between a range of under $47K or under $54K.

The recent investment of 15 Million by MicroStrategy has helped Bitcoin to dash outside of its secluded price range last week. A further investment injection by Purpose Bitcoin ETF buying 125K Bitcoin and Grayscale massive BTC holdings of over 65K has enabled the hodlers to change their hands. BTC hodlers have now quietly transitioned to not selling, which is expected to create a bull wave due to the supply falling constantly.

Possible Bear Signs in the BTC market

All the current investors of BTC are actively rallying for more Investments to drive a bigger bull pull in the crypto market. The flagship currency has not still reciprocated the 2017-ATH when its price doubled in one month. The increase of anonymous and known Whale transaction counts is also on the rise due to the drain of supply that also invokes the bull trend.

The social-volume-weighted-sentiment for BTC surprisingly kept falling despite the constant surge in price and a new ATH every other week. This trait can trigger a sneak bear wave on the value of the BTC. This could be one downside of the focus shifting to BTC derivatives and other crypto assets. The on-chain metrics are pointing to major movements in either direction, so it is best to keep an open mind. However, BTC has been able to break the convention and continue to keep rising with the help of Twitter mention bombs.  

Leave a Reply

Your email address will not be published.