Bitcoin Price Rally Smashes ATH Amid Market Euphoria
Bitcoin, which initiated its journey with just being an idea of decentralized structure, now has become the most valued crypto in the market. Many eyes and hands behind attempted effortlessly despite a series of plunges or corrections. As a result, BTC price which was consolidating below $50K levels, no only smashed $50K but also hit $51K.
With the continued pace, Bitcoin may soon become a trillion-dollar asset with the market capitalization of more than $1T. To attain this milestone, the price is required to surge to the levels of more than $53,674. Moreover, according to the on-chain analysis platform Glassnode, the trading volume on CME crossed the milestone of $5 billion.
With the magnificent surge, Bitcoin becomes the eighth most valuable asset after silver and Google, topped by gold.
Is BTC Price in a Discovery Mode?
The price of bitcoin is expected to jump in the coming days to form new all-time highs. However according to an analysts, il Capo of Ethereum, the next target to hit would be around $60,000 following a bearish divergence, which may decline the price around $40K to $45K.
According to the analyst, the Fibonacci confluence zone is very strong in between in $59K to $62K. The price is expected to rally to these levels and there after undergo a massive correction, which can drop the price close to $40K to $45K.
Collectively, the Bitcoin price rally attained yet a milestone by smashing $50K and $51K within a short time frame. According to some reports the hedge funds have liquidate their short-selling on bitcoin. Therefore BTC price is expected to a massive one as many analysts have predicted $100K price for Bitcoin by the end of 2021.