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August 9, 2022
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Bitcoin

According to analyst, Bitcoin could rise to $ 75,000 “quickly”

Over the weekend, Bitcoin (BTC) reached a new milestone, surpassing $ 61,000 and recording $ 61,781 peaks never seen in its 12-year history.

Matt Maley, the stock strategist at leading institutional trading firm Miller Tabak, believe that Bitcoin can rise to $ 75,000 “very quickly” based on some graphic standards. The BTC’s upward momentum was restored after a price correction took it down to $ 42,000, after reaching its previous record of $ 58,300 last month.

Lex Moskovski, the CEO of Moskovski Capital, recently revealed that buyers were fueling the current upward trend in Bitcoin because many people had deleveraged before the price hike.

In addition, this bull run is being witnessed at a time when the US Senate approved a $ 1.9 trillion Covid-19 stimulus package designed to rescue the American economy from the effects of the pandemic.

Bitcoin has risen more than 1,400% in the last 12 months

Bitcoin has gained more than 1,400% since plummeting to $ 3,800 lows in March 2020, as the effects of the coronavirus (COVID-19) fight continued to wreak havoc.

At the time, the leading cryptocurrency lost more than 50% of its value in 24 hours as the pandemic unleashed shock waves around the world. As a result, a flight to money was witnessed, pushing risky assets like Bitcoin on the receiving end.

However, the narrative is different a year later, because the cryptocurrency has skyrocketed based on its notable gains. BTC also emerged as the best performing asset of the decade, as alluded to by Compound Capital founder Charlie Bilello.

Time will tell if an increase to $ 75,000 will occur “very quickly,” as Maley acknowledges as Bitcoin continues to gain momentum. Currently, it is an increase of 18.43% in the last seven days, to US $ 58,507 at the time of writing, according to CoinMarketCap.

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