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Wednesday, November 30, 2022

Bitcoin has surged to its Highest Level in the Last 3 Years

Bitcoin had a surge of around 3% last Tuesday which took them to a total of $13,480- which put them extremely close to a total of $13,880 which they had achieved all the way back in June 2019. But if bitcoin manages to get beyond $13,880 they would find themselves on the top after 3 years of being under-utilized. This cryptocurrency has heavily benefited from quite a steady chain of headlines which have been mostly positive over the last one week. Square mentioned that they had increased their investment in Bitcoin after buying around $50 million of the digital coin- which they did in a single day without creating any disruptions in the market. 

What Are the New Changes that Investors are Looking Towards With Regard to Bitcoin?

After Square announced their purchase, PayPal also mentioned that they would be enabling their account holders with the ability to sell, purchase, or transfer bitcoin- which would be ensuring that the crypto asset gets some form of credibility. And this has led to several institutional investors taking notice. JP Morgan also mentioned that bitcoin did look a bit attractive when it competed against gold as a major form of ‘alternative’ currency. It has been noted that most of the millennial investors did favor bitcoin more than gold. 

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They believe that bitcoin might easily increase their current levels twice or thrice- where they would have to attain a surge of around 10x in order to simply match the value that holds has in the world. If they intend to crowd out gold and render it as an alternative currency in the longer term, they would have to ensure that bitcoin prices go at least double- or triple. Since bitcoin is completely on the rise, there has been an incursion of technicals into focus who have pushed up against the last resistance level- before it came into its all-time high of around $20,000. And that level stands at $14,000- which is just 4% of the current price of bitcoin as far as Tuesday afternoon is considered. 


How Much Does Bitcoin need to Increase in Order to Break their All-Time High?

Katie Stockton, the founder of Fairlead Strategies has spoken about how bitcoin has been seeing an improvement in its momentum over the short term which is enmeshed in its long-term uptrend. They also have a good resistance room- which seems to be bordering around $14,000. Now, bitcoin needs to simply trade higher than its resistance level of $14,000- which will see to it that their next target remains $20,000. If they manage to go beyond that level, they would be setting the cryptocurrency to an all-time high. 

Currently, bitcoin is almost up by 87%, which is still around 32% low of its high that was achieved in 2017- where they saw a high of $19,783- if reports from Coindesk are to be believed. 

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