Over the past two days, bitcoin has been rapidly growing in price and setting historical records. The crypto asset did not give up its positions and over the past day increased in price by 4%, and the total capitalization of the coin reached $1.2 trillion. At the same time, the current dynamics of growth in the indicators of the main digital asset, as well as the market mood, suggest that bitcoin can set another record very soon.
On April 14, bitcoin quotes came close to the $65,000 mark. After a sharp rise, the asset fell slightly, consolidating at $63,600, from where it has already resumed its growth. Considering the positive local dynamics of price changes (+ 0.5%), as well as the growing volume of daily trading – $77 billion, bitcoin can overcome the $65,000 mark. In addition to technical indicators, other aspects predict BTC to maintain the current dynamics of price growth.
The main reason for the growth in the indicators of the first cryptocurrency, as well as the entire market, was the launch of trading in shares of the Coinbase crypto exchange on the NASDAQ platform. Changing the status of a cryptocurrency exchange and entering the open arena will become a powerful marketing ploy that will significantly increase the flow of capital and large companies into the digital coin market. In addition, the reason for the lingering growth of bitcoin was the end of price consolidation, which prevented the cryptocurrency from starting a protracted growth. Given the sentiment of large companies, as well as a historically favorable time for the altcoin market, the current rally in BTC has no visible barriers.
The only problem that BTC may face will appear only at the level of $70,000. Given the current dynamics of growth in quotes, the first cryptocurrency will reach this indicator in a few days. If bitcoin does not receive market support at this mark, then it has every chance of falling into a local correction associated with the end of the surge caused by the Coinbase listing. However, if you look at the current mood of institutions and the altcoin market, BTC has every chance of gaining a foothold at the $70,000 mark. Otherwise, a small correction awaits the coin, which will last 4-5 days, after which the asset will continue to grow.
Another important reason for the growth of bitcoin quotes was a new surge of interest in BTC as a hedging tool. Given the record budget deficit of $4.1 trillion for the year, a new wave of inflation will hit the markets soon. Large companies will again renew their interest in bitcoin to preserve their capital and increase it, which will become an important impetus for the growth of asset quotes. In addition, impending inflation is an excellent catalyst for the institutionalization of the crypto market. Thanks to this, cryptocurrencies will be able to increase their margin of safety, as well as become more protected from local corrections. Considering that Bitcoin is the #1 hedging tool, we should expect a significant influx of investments from large companies into the first cryptocurrency.
Having overcome the difficult period of price consolidation and local corrections, the quotes of the BTC/USD pair have acquired stable growth dynamics. First of all, this is due to the establishment of the necessary balance of interest of market participants. Retailers are boosting the price of the coin over the weekend, preparing the platform for large companies that are maintaining interest in bitcoin. Given the current market situation, as well as the extremely positive news background, the only problem that bitcoin may face at this stage is a slight correction at the level of $70,000.
