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October 3, 2022
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Bitcoin

Will Bitcoin price reach half a million dollars this week? The chances are huge

Bitcoin’s price has hit record high after another in a week where global corporate giants have done everything from buying cryptocurrency to announcing new cryptocurrency projects.

Tesla revealed in a report that it bought $ 1.5 billion in Bitcoin in January and that intends to offer its customers the option to buy their cars using cryptocurrency as a payment method. On Tuesday, RBC Capital Markets analyst Mitch Steves speculated that Apple may want to copy that investment from Tesla.

On Wednesday, Mastercard announced to bring Bitcoin and other cryptocurrencies to its payment network. Later on Thursday, the oldest US bank, BNY Mellon, revealed which would offer crypto custody services on the same platform that its customers use for cash, treasury bills and other traditional assets.

On the same day, PayPal announced that it would expand its cryptocurrency services to the United Kingdom through its Venmo app.

Bitcoin to the moon

The flurry of bullish developments in the Bitcoin market has pushed its prices up more than 25 percent on the week’s base so far. During the Asian session on Friday, the flagship cryptocurrency guaranteed $ 48,912 as his new record, leaving many analysts to predict a bullish move extended to $ 50,000.

“Break the ATH for Bitcoin [além de] win and close above it today / tomorrow [significa] that we could continue towards $ 50,000 as the next target, ”said Michaël van de Poppe, an independent financial analyst / trader in Amsterdam, earlier this week, ahead of Thursday’s price boom.

Poppe later tweeted that Bitcoin needs to maintain $ 43,500 in support to ensure continuation to and above $ 50,000. If that happens, the cryptocurrency could reach $ 62,500 next.

Joel Kruger, cryptocurrency strategist at the digital assets exchange LMAX Digital, also pointed $ 50,000 as Bitcoin’s next potential price target, calling it a “psychological barrier”. Mark Warner, head of trading at the BCB Group, agreed, but warned of the large profit taking close to the level, which could cause Bitcoin to fall after being tested.

Traditional chartists were euphoric. An independent analyst noted on Twitter that Bitcoin has little chance of decreasing at this point, unless there is a “Black Swan” event that does the unimaginable.

“I can’t see how BTC outperformed companies by investing right and left to invest”, observed he. “$ 50k is inevitable, whether we are going to fall a little earlier or not shouldn’t be an obstacle.”

Source: Bitcoinist

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