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October 4, 2022
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Bitcoin needs to stay above $ 55,000 to test new highs

Bitcoin (BTC) is in a state of consolidation after falling from the psychological $ 60,000 mark. The leading cryptocurrency is currently trading at $ 57,416 so far.

Market analyst and trader Michael van de Poppe reported that Bitcoin needs to stay above the $ 55,000 price level to rise.

“Bitcoin is still holding on to this scenario and stuck in a sidebar. As long as the $ 55,000 remains, I assume that we will be testing for new highs. “

The BTC recently hit an historic record (ATH) of $ 61,700, but since then, it has been struggling to sustain above $ 60,000. However, crypto analyst Joseph Young recently noted that Bitcoin is showing considerable resistance, despite hostile market forces, such as a 10-year increase in treasury yield.

According to market analysts, Bitcoin may never fall below the $ 1 trillion market capitalization again.

Chain analyst Willy Woo believes BTC’s market value will remain above the $ 1 trillion mark going forward.

“7.3% of Bitcoins were last moved at prices above US $ 1Q.

This is a very solid price validation; US $ 1Q is already heavily supported by investors. I would say there is a good chance that we will never see Bitcoin below $ 1Q again. “

In addition, the next 2-3 years can be an important point for BTC, as alluded to by Deutsche Bank analyst and Harvard economist Marion Laboure.

She elaborated by comparing the current trajectory of Bitcoin with that of Tesla. The analyst said that a consensus on the future of the dominant cryptocurrency may emerge soon, as people have increasingly monitored the growth of the digital currency lately, and that interest in cryptocurrencies is expected to continue for the next two to three years.

Time will tell how Bitcoin’s journey to the moon continues to shape as crypto analyst Carl Martin believe that most people will buy BTC between $ 100,000 and $ 500,000 in the current bull cycle. If that is achieved, a price of $ 500,000 will push Bitcoin’s market capitalization above that of gold by $ 10.9 trillion.

Source: BlockchainNews

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