Experts remain bullish on Bitcoin despite minor dip after all-time-high price
Despite its recent struggles, Bitcoin’s monthly gains continue to hover around the 45% range.
- Analysts still believe that a near- to mid-term target of $88k is still achievable for Bitcoin.
- Following Proshares’ market debut, Valkyrie has also seen its Bitcoin futures ETF launch on the New York Stock Exchange (NYSE) late last week.
- Pop superstar Mariah Carey has teamed up with prominent cryptocurrency exchange Gemini as part of a new crypto-adoption drive.
Bitcoin scaled up to an all-time high of approximately $67,200 a little over 72 hours ago. However, the world’s largest cryptocurrency by total market capitalization then showcased a substantial correction, currently down nearly 8%. At press time, BTC is trading at a price point of $62,330.
Despite the flagship crypto dipping below the all-important $60,000 threshold twice, most analysts are still confident that BTC will continue to accrue bullish momentum over the coming few weeks and months. Pseudonymous digital currency analyst and trader filbfilb noted that the fractal pattern being showcased by the digital asset over the past few weeks suggests that a push to the $72,000 range could be in the works in the near term. He added: “$88k would [also] prove to be a target of interest, which ties in with the idea that $100k will see some front running by sellers.”
To support his claims, flibflib noted that cooling funding rates, increased exposure from Bitcoin futures exchange-traded funders (ETFs) and strong buyer support have all helped create a conducive trading environment that could see Bitcoin — as well as a host of other altcoins — rise and continue to gain support.
Lastly, in flibflib’s view, even if there were a sudden reversal in market sentiment, he is fairly confident that $50k may be a region of interest that traders may want to lock in on, even though there is no evidence to suggest that such a drop may happen anytime soon.
ProShares Bitcoin ETF makes its market debut
After having received a regulatory green light from the United States Securities and Exchange Commission (SEC) recently, ProShares’ Bitcoin ETF made its debut on the New York Stock Exchange (NYSE) last week. The offering recorded a trading volume of over $1 billion on its opening day — which, as per many estimates, is the largest first-day volume for an ETF in terms of “natural” or “grassroots interest.”
Following the debut of Proshares’ ETF, the market seems to be gearing up for the launch of many similar offerings, with Valkyrie’s Bitcoin futures ETF also going live last Friday.
Celebrities continue to back Bitcoin publicly
The list of mainstream celebrities investing in crypto continues to grow, with 90s pop idol Mariah Carey recently taking to Instagram to reveal that she has partnered with Gemini, a cryptocurrency exchange owned and operated by the Winklevoss twins, to promote Bitcoin adoption at a global level. As part of a recent clip released to her +10 million Instagram followers, Carey noted that anyone using her referral code could get their hands on $20 worth of free BTC.
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