Bitcoin up 21%: Will El Salvador’s big news kick off a fresh bull run?

Posted: 15 June 2021 1:30 am

BTC seems to be on track for another bull run, especially after showcasing bi-weekly gains of just under 9%.

  • Experts believe that the flagship crypto has the potential to realize a price target of $46,500 in the near term.
  • El Salvador president Nayib Bukele recently announced his country’s plans to adopt Bitcoin as legal tender.
  • Elon Musk recently revealed that Tesla will restart its BTC payment option once a majority of the currency’s mining energy needs are met using clean sources.

After showcasing weeks of sluggish market momentum, Bitcoin (BTC), the world’s largest cryptocurrency by total capitalization, seems to be on a roll once again. The flagship crypto gained a little over 4% during the last 24 hours, tipping out its run at $40,000. At press time, Bitcoin is trading at $38,956.

Providing his thoughts on how the future may play out for BTC, Tim Frost, CEO of Yield App, a FinTech provider that enables anyone to invest in decentralized finance, believes that if the digital currency can break through the $38,000 barrier cleanly, we may see it move back up to its medium-term average of around $46,500 and potentially beyond, adding:

“This does not seem likely, not least due to news coming from Goldman Sachs, which reports that very few of its fund managers are considering Bitcoin as a long-term investment. Regulation could be coming.”

Similarly, Sidharth Sogani, CEO of Crebaco Inc, a blockchain analytics firm, told Finder that he sees Bitcoin doing well in the short term, with a massive breakout happening once the currency is able to move above $41,000. “If not, BTC may stay range bound between $39,500 to $35,000. Lower levels may hit $28,500 but not for too long in my estimation,” he added.

How to buy Bitcoin

Another bull season may be on the charts

Despite BTC’s most recent run, the currency is still nearly 40% off from its all-time-high value. That being said, a few technical indicators seem to be pointing to the fact that BTC bulls are once again garnering momentum. For example, as per on-chain data released by Decentrader, Bitcoin recently triggered an “oversold” function, thereby suggesting that the currency may soon be ready to turn around and “move to the upside.”

Similarly, according to popular independent analyst “Rekt Capital,” Bitcoin is only just beginning its latest ascent and will quite likely realize an all-time-high value in the coming few weeks or months – especially on the heels of countries like El Salvador choosing to adopt the asset as legal tender.

Tesla to accept BTC once again?

When asked about when his organization will start accepting Bitcoin (BTC) once again, Tesla CEO Elon Musk stated as soon as there is enough reason to believe that miners all over the world are making use of “clean, renewable energy” to fuel their efforts, the electric-vehicle manufacturer will re-adopt crypto as a payment method. On the subject, he was quoted as saying:

“When there’s confirmation of reasonable (~50%) clean energy usage by miners with a positive future trend, Tesla will resume allowing Bitcoin transactions.”

Interested in cryptocurrency? Learn more about the basics with our beginner’s guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.

Disclosure: The author owns a range of cryptocurrencies at the time of writing

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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