Bitcoin Price Sprints to new 2021 Highs but BTC/USD Bulls eyeing $94k

Bitcoin Price Sprints to new 2021 Highs but BTC/USD Bulls eyeing $94k
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Bitcoin is at historic levels. Trading at over $62k, soaring to over $64.8k on Apr 14, is a testament demonstrating how crypto and blockchain have become entrenched in financial systems. Bitcoin is an alternative to both gold and fiat.

On launch, its creator said BTC would be native to the internet, relying on distribution that gives the currency censorship.

Bitcoin has been winning on these two fronts.

On the one hand, BTC is being accepted by many firms. After investing $1.5 billion in the digital asset for yield maximization, Tesla also accepts BTC as a payment means. Soon after, a leading real estate firm in the U.S.–founded by Billionaire Caruso–began taking BTC as money.

On the other, Bitcoin’s market cap would soon flip gold, according to Goldman Sachs CEO.

AXA Insurance Firm Now Accepts Bitcoin

Following this trend, a Swiss insurance firm, AXA, has begun taking BTC as payment. In this arrangement, all their private clients can pay using BTC for all non-life insurance products.

Claudia Bienentreu, who is their head of innovation, said this is a response to the growing demand from clients on alternative payment methods.

Still, they won’t be holding BTC directly on their balance sheets. Instead, funds will go straight to Bitcoin Suisse, a crypto broker, who will convert BTC to CHF.

At the same time, while BTC is firm above $62k, whales are building up their long positions for the first time since BTC broke above $12k.

Bitcoin Price Analysis

bitcoin price april 16

The Bitcoin price is firmly on an uptrend, breaking above Q1 2021 highs and likely to add to their longs as we advance.

As of writing on Apr 15, the world’s most valuable currency is at around Q1 2021 highs, adding five percent week-to-date. Although trading volumes are considerably lower, paling compared to those that pumped BTC/USD price above $40k in Feb, traders are optimistic.

A close above Apr 13 highs could see BTC stretch gains, a reason for traders to double down, buying the dips.

In a bullish breakout pattern—albeit currently with lighter trading volumes, the first bull target is $94k—the 1.618 Fibonacci extension level of the Q1 2021 trade range.

On the reverse side, sharp losses unwinding gains of Apr 13 forcing prices below $60k pours cold water on bulls’ prospects. It would subsequently form the ground for a correction back to $55k and later $50k.

Chart Courtesy of Trading View

Disclosure: Opinions Expressed Are Not Investment Advice. Do Your Research.


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