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Bitcoin Surges Above $55,000 – What Is it Heading Next?

The premier cryptocurrency — Bitcoin (BTC) — has continued its rapid growth after exceeding a market capitalization of $1 trillion. On Friday 19, Bitcoin crossed the $55,000 mark, renewing all-time highs.

At the time of writing, the BTC/USD trading pair is trading at $55,232 on Bitstamp exchange.

BTC/USD 1-Hour Chart. Source: TradingView

One of the founders of the Gemini digital asset exchange, Tyler Winklevoss, noted that the cryptocurrency renewed its all-time high due to the launch of the first Bitcoin ETF in history. The financial instrument was launched on the Toronto Stock Exchange. Gemini acted as a sub-custodian of the Bitcoin ETF.

Also, members of the crypto community drew attention to the fact that the active rise in prices in the digital asset market made Bitcoin worth more than the Brazilian stock market in terms of capitalization.

It is noteworthy that against the background of the renewal of the maximum value of Bitcoin, the price of gold dropped. As a result, members of the crypto community jokingly explained the changes by the fact that BTC “eats” precious metal.

Comparison of charts of movement of the rate of gold and Bitcoin

Where is Bitcoin heading next?

Some members of the crypto community believe that updating the highs may lead to a correction in Bitcoin. According to a crypto analyst, Alex Saunders, BTC price may fall in the near future. In anticipation of a possible correction, he advised investors to start taking profits.

However, analyst PlanB, popular in the crypto community for developing his S2F model for predicting the price of Bitcoin, decided to pay attention to the long-term perspective of the coin’s movement. He believes that BTC will continue the bullish trend despite possible corrections. According to the S2F model, during the current growth phase, Bitcoin will be able to rally the level of $100,000.

If you have any questions and comments on Bitcoin today, use the form below to reply.

© MarkStevenson for Commodity Blog, 2021. | Permalink | No comment |
Published under: Bitcoin

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