The Bitcoin price continues to track higher, rewinding losses from $30k, breaking above $35k, and may surge past $40k if bulls add to their longs.
Institutions Eyeballing Bitcoin, $25 Billion by EOY
Overly, the community remains positive on Bitcoin’s prospects, explaining the firming prices and uptrend continuation.
Specifically, Raoul Pal, an investor who has 75 percent of his liquid asset in cryptocurrencies, expect Bitcoin and crypto’s gains to consume the performance of everything else, especially in the traditional sector.
Meanwhile, Michael Saylor is ever upbeat, firmly convinced that Bitcoin is not a currency but a new payment system.
In his recent virtual event dubbed Bitcoin for Corporations, the CEO revealed that Ross Stevens, the founder of NYDIG, expects institutions to invest over $25 billion into Bitcoin by the end of the year.
The Bitcoin network receives tailwinds from its store of value, digital nature, and censorship resistance properties. It could continue to print higher, increasing investors’ bottom line.
Interestingly, the Bitcoin for Corporations event drew representatives from among many corporations, SpaceX, Disney, Pfizer, and others.
A Case for Bitcoin in Miami
Meanwhile, following their dalliance with Bitcoin and even hosting the Bitcoin whitepaper on a government website, the City of Miami is weighing the option of paying part of their employee salary Bitcoin.
It is part of their masterplan of topping Silicon Valley as the most Bitcoin and crypto-friendly state. Besides the option of an employee receiving part of their salary in BTC, other moves will include paying local fees and taxes in BTC.
Bitcoin Price Prediction
The BTC/USD price ranges within a narrow $12k zone with caps at $40-$42k on the upper side and $30k on the lower side.
As of writing, the Bitcoin price is above the intra-range resistance (now support) of $35k, fanning optimism of a break above $42k for a new all-time high.
While every low may present an opportunity for traders to load the dips, a surge past $40k may provide the necessary impetus for $50k. From the 4HR-chart, bars are reversing are building on the conspicuous bull bar of Jan 29 with decent average volumes.
The immediate support is the middle BB and Jan 29 lows of $30k. However, a sharp break above $40k with high trading volumes exceeding those of Jan 29’s bull bar builds a case for $42k and even $50k in the medium term.
Contraction from spot rates will see the BTC/USD price tumble back below $35k to $30k.
Chart Courtesy of Trading View
Disclosure: Opinions Expressed Are Not Investment Advice. Do Your Research.
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