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October 2, 2022
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Bitcoin

Bitcoin almost earns $ 28,000 in continuation of the Injured Rally

Bitcoin has continued to rise, even though some traders say the market is clearly overbought. As can be seen in the chart below, BTC recently changed to $ 28,000. Although it failed to reach that level, it peaked at $ 27,900 on major exchanges.

At the time this story was being edited, Bitcoin was being traded for $ 27,700, as buying pressure was temporarily stopped.

There are those who think that BTC could reach US $ 30,000 in the short term, as the trend remains positive and institutional participants continue to flood the space.

Image: Trading View platform chart

Bitcoin ready to rise further?

Travis Kling, the founder of Ikigai, says that Bitcoin could rise further due to the lack of institutional exposure to this space. Although there have been billions sucked into BTC in recent months by institutional participants, most still have little exposure to space and may seek to gain exposure as the price continues to rise with little liquidity on the seller’s side:

It is quickly becoming clear that the trader entering #Bitcoin is much larger. It is clear that institutions are coming in with big checks. Much of that capital still needs to “go through documents” and “investment committee”. They thought about buying $ 20k. They will be lucky to buy $ 30.

Many enthusiasts shared similar views.

At this point, where Bitcoin is in price discovery with no known levels of support or resistance, those who wish to expose themselves to the market can choose to buy the cryptocurrency now.

MicroStrategy made that very clear recently, when it bought almost $ 650 million BTC at a cost of ~ $ 22,000.

There were many on Twitter arguing that this was unwise, considering the 100% gain from BTC in recent months. But, as evidenced by this rally, it may not be the case.

Larger than Visa

Bitcoin now touts greater market capitalization than Visa, making it the most valuable payment network in the world.

It has also recently become the 20th largest currency in the world by total amount of money, according to data shared online.

#Bitcoin rises above $ 27,000, up> $ 2.5K in just over a day; The market capitalization now reaches US $ 500 billion. It also makes Bitcoin bigger than #Visa

Source: NewsBTC

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