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Bitcoin demand: BTC approaches $70,000 amid increased adoption

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TL:DR Breakdown

  • As Bitcoin demand by major institutions has seen an increase over the past few months, the bullish run of Bitcoin has increased.
  • The surge in the price of Bitcoin is attributed to its increased demand. 

As Bitcoin demand by major institutions has seen an increase over the past few months, the bullish run of Bitcoin has increased. That said, the price surge is a consequence of Bitcoin demand. The world’s largest cryptocurrency by market cap has gained passage above its previous resistance point and heads towards the $70,000 mark.

The electric car manufacturing company Tesla has led a large number of Institutions to convert some of their wealth to BTC and thereby serving as an “inflation point,” according to Bloomberg. The recent development in the crypto world has now become the fear of crypto enthusiasts. They are scared of being left out of the future benefits that could arise if BTC becomes the world’s benchmark crypto asset. 

This fear has, however, increased Bitcoin demand as Institutions from World leading nations like the US and China are all racing to have BTC amongst their assets. During the past week alone. Meitu, a Chinese tech company, bought about 175 BTC, while MicroStrategy — a US business analytic company bought around 253 BTC.

Grayscale, a Crypto Investment company, purchased Bitcoin and several other cryptocurrencies worth around $1 billion. This recent action brings the company’s AUM (Assets under management) to $46.10 billion. JP Morgan, a US investment bank, claims that the increased Bitcoin demand provides a conducive environment for the launch of a Bitcoin ETF in the United States, which has the potential of reducing entry barriers, thereby further increasing BTC demand.

Effect of the Increased Bitcoin demand on BTC all-time high aspirations

As the Bitcoin demand increased within the past week, BTC price rose above a strong resistance point within the last 24 hours. From its previous month’s price chart, BTC has escaped an inverse head and shoulder setting. From the chart, it can be projected that BTC can rise by about 15 percent to the 141.1 percent or 161.8 percent  Fibonacci retracement ground.

These respective grounds place BTC prices at $67,450 and $70,330. For these prices to materialize, BTC must continue its trade above the $59,300 mark. Otherwise, a massive fall in BTC price would occur. The negatives can, however, be prevented if Bitcoin demand can increase progressively.

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UC Hope

UC Hope is a passionate fan of crypto who could weave the latest event into sparks of inspiration and information. He leaves no stone unturned to get to the core of a story. Aside from writing, he spends his hours poring over algorithms and protocols, preparing for a future career as a computer programmer. He joins the team to contribute his insights with precision.

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