Thursday , February 25 2021
Home / Commodity Blog / Bitcoin Surges Above $55,000 – Where Is it Heading Next?

Bitcoin Surges Above $55,000 – Where Is it Heading Next?

Summary:
The premier cryptocurrency — Bitcoin (BTC) — has continued its rapid growth after exceeding a market capitalization of  trillion. On Friday 19, Bitcoin crossed the ,000 mark, renewing all-time highs. At the time of writing, the BTC/USD trading pair is trading at ,232 on Bitstamp exchange. BTC/USD 1-Hour Chart. Source: TradingView One of the founders of the Gemini digital asset exchange, Tyler Winklevoss, noted that the cryptocurrency renewed its all-time high due to the launch of the first Bitcoin ETF in history. The financial instrument was launched on the Toronto Stock Exchange. Gemini acted as a sub-custodian of the Bitcoin ETF. #Bitcoin history was made today. @PurposeInvest launched North America's first #bitcoin ETF on the Toronto Stock Exchange. It traded over 0MM in

Topics:
Mark Stevenson considers the following as important:

This could be interesting, too:

Mark Stevenson writes .6 Billion Liquidated Across Exchanges As Bitcoin Drops Below K

Mark Stevenson writes Over 63,000 Bitcoin Options Will Expire on Friday – What Does This Mean?

Mark Stevenson writes Tesla Made Billion Profit from Bitcoin Investment

Mark Stevenson writes Bitcoin Will Rise in Price by Another 4000% – Max Keiser 

The premier cryptocurrency — Bitcoin (BTC) — has continued its rapid growth after exceeding a market capitalization of $1 trillion. On Friday 19, Bitcoin crossed the $55,000 mark, renewing all-time highs.

At the time of writing, the BTC/USD trading pair is trading at $55,232 on Bitstamp exchange.

Bitcoin Surges Above $55,000 – Where Is it Heading Next?

BTC/USD 1-Hour Chart. Source: TradingView

One of the founders of the Gemini digital asset exchange, Tyler Winklevoss, noted that the cryptocurrency renewed its all-time high due to the launch of the first Bitcoin ETF in history. The financial instrument was launched on the Toronto Stock Exchange. Gemini acted as a sub-custodian of the Bitcoin ETF.

Also, members of the crypto community drew attention to the fact that the active rise in prices in the digital asset market made Bitcoin worth more than the Brazilian stock market in terms of capitalization.

It is noteworthy that against the background of the renewal of the maximum value of Bitcoin, the price of gold dropped. As a result, members of the crypto community jokingly explained the changes by the fact that BTC “eats” precious metal.

Bitcoin Surges Above $55,000 – Where Is it Heading Next?

Comparison of charts of movement of the rate of gold and Bitcoin

Where is Bitcoin heading next?

Some members of the crypto community believe that updating the highs may lead to a correction in Bitcoin. According to a crypto analyst, Alex Saunders, BTC price may fall in the near future. In anticipation of a possible correction, he advised investors to start taking profits.

However, analyst PlanB, popular in the crypto community for developing his S2F model for predicting the price of Bitcoin, decided to pay attention to the long-term perspective of the coin’s movement. He believes that BTC will continue the bullish trend despite possible corrections. According to the S2F model, during the current growth phase, Bitcoin will be able to rally to the level of $100,000.

If you have any questions and comments on Bitcoin today, use the form below to reply.


© MarkStevenson for Commodity Blog, 2021. | Permalink | No comment |
Published under: Bitcoin

Leave a Reply

Your email address will not be published. Required fields are marked *