TR:DR Breakdown:
- Tesla purchases $1.5Billion worth of BTC.
- Bitcoin price may hit $100000, CEO CryptoQuant predicts.
Following the recent rise in Bitcoin price, an analyst has predicted that the most sought crypto asset may cross the $50,000 mark. Recently, Bitcoin price hit a new record after Tesla purchased about $1.5 Billion of BTC’s worth, breaking past the $42,000 mark.
According to TradingShot analyst, a note was published monitoring the BTC/USD trade pairs, stating that the rise which the world experienced last year when the Bitcoin price increased from $11000 to a whooping of $42000 is set to continue.
Bitcoin price bullish run explained
As per information from Bitcoinist, TradingShot explained the candlesticks moving average, analyzing the impending decline and continuation of the price of Bitcoin. With a lot of investments coming in from many corporations, most recently, Tesla, which acquired $1.5 billion in BTC, the price of the asset is set to remain bullish given its consistent increase in value.
After the electric car producers disclosed their cryptocurrency purchase, BTC price surged up to $44300 before proceeding to $42900. Strong reports claim that the purchase was made through Coinbase after Ki Young Ju, the CEO of CryptoQuant, observed outflows from the exchange immediately after Tesla made the purchase.
Ki Young Ju: Bitcoin price may cross $100000
After he observed the recent outflows from Coinbase at 37413, the CEO concluded that it is an indication that BTC price will remain bullish. Adding that the cryptocurrency may surpass $50000 and hit $100000 this year.
Many firms are investing in Bitcoin and storing them adequately (cloud storage), and from recent outcomes, when top clients and investors purchase a crypto coin, the value tends to increase. This is definitely why Young has made a bold prediction about Bitcoin price.
