$100k Bitcoin Still in Play – Experts Remains bullish On Bitcoin

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Highlights

  • Valkyrie’s Bitcoin futures exchange-traded fund (ETF) made its debut on the New York Stock Exchange late last week, after Proshares’ market launch.
  • Although there have been some dips recently, Bitcoin’s monthly gains remain consistent at approximately 45 percent.
  • Analysts believe that Bitcoin can still achieve its near-to-mid-term target of AUD$115k (US$88k) in the near-term, despite recent volatility.
  • Mariah Carey has teamed up with famous bitcoin exchange Gemini in order to encourage the use of cryptocurrencies like bitcoin.

In spite of the fact that Bitcoin’s flagship cryptocurrency has fallen below the critical US$60,000 (approximately AUD$80k) level twice, the majority of analysts predict that the cryptocurrency will continue to gain upward momentum in the weeks and months ahead. A pseudonymous digital currency expert and trader, filbfilb, remarked in this regard that the digital asset’s fractal pattern during the last several weeks indicates that a push to the US$72,000 zone may be on the cards in the near future, adding that

In the last 72 hours, Bitcoin, the world’s most valuable cryptocurrency in terms of total market capitalization, has seen a dramatic decline after soaring to an all-time high of over US$67,200 a little more than 72 hours ago. Bitcoin is currently down around 8% in value. At the time of writing, bitcoin is now trading at $63,000 per coin.

Similarly, the author believes that “US$88k would [also] prove to be a target of interest,” which “fits in with the premise that sellers will attempt to surpass the US$100k” price.

Flibflib reports that lower financing rates, increased exposure from Bitcoin futures exchange-traded funds (ETFs), and strong buyer support have all helped contribute to a more favourable trading environment in which Bitcoin – and an entire host of other altcoins – may continue to grow and gain support.

Flibflib reports that lower financing rates, increased exposure from Bitcoin futures exchange-traded funds (ETFs), and strong buyer support have all helped contribute to a more favourable trading environment in which Bitcoin – and an entire host of other altcoins – may continue to grow and gain support.

ProShares Bitcoin ETF makes its entry in the market

Earlier this week, ProShares’ Bitcoin ETF made its debut on the New York Stock Exchange (NYSE), after regulatory approval by the United States Securities and Exchange Commission (SEC). According to some estimates, the offering had a trading volume of more than $1 billion on its first day, making it the largest first-day volume for an ETF in terms of “natural” or “grassroots” interest in the history of the industry.

In response to the launching of Proshares’ ETF, the market looks to be bracing itself for the debut of a flurry of copycat products, with Valkyrie’s Bitcoin futures ETF becoming live only last Friday.

Celebrities continue to Promote Bitcoin

ariah Carey just revealing on Instagram that she has joined up with Gemini, a cryptocurrency exchange established by the Winklevoss twins to boost international Bitcoin adoption, the number of renowned celebrities investing in cryptocurrencies has continued to rise. At the end of the day, Carey said in an Instagram video to her tens of millions of fans that anyone who uses her referral code will be eligible to get US$20 in free Bitcoin.

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