Bitcoin (BTC) rose to an all-time high on February 16 after a week of bullish news including Tesla accepting BTC and MicroStrategy. It plans to raise another $ 600 million To buy Bitcoin.
BTC price breaks the historical record
Data from Cointelegraph Markets and TradingView showed the BTC / USD pair rose more than 5% in hours on Tuesday after BNY Mellon confirmed it would store crypto for asset management clients and rumors also spread about Morgan Stanley.
The move put Bitcoin on track to reach the psychologically significant $ 50,000 mark again after several days of sideways move as a conflict between whales emerged.
Bulls initially took control of BTC after the $ 1.5 billion purchase of Bitcoin from Tesla that it unveiled on February 8th. Meanwhile, the European Central Bank was among the naysayers who claim that central banks as a whole will not interact with Bitcoin in the future.
More headaches for bears
In an update, analysts at derivatives platform Deribit noted that BNY Mellon News has indeed managed to reshape investor views.
“While BTC is down 10% from ATH, the implied volume for February has been reduced, indicating that the gamma effect has impacted players steadily after Tesla News.” advertiser.
“Option sizes have exploded in Asian watches: Call cancellations, Buyers near OTM Puts x3k, Bearish bias like BTC46k.”
According to the newspaper, the sellers lined up between $ 49,500 and $ 50,000 Order book data From the main exchange platform Binance, with leverage growing at $ 46,500.
In this week’s analysis, Michael Van de Pope of Cointelegraph Markets highlighted other factors contributing to Bitcoin’s short-term bullish state.
Bitcoin has shown signs that its overall momentum will not stop throughout this month.
With Tesla and then Mastercard as catalysts, market participants were already convinced of the strength of the current bullish trend. Last week, Cointelegraph Markets filbfilb shareholder gave a short-term target of $ 63,000 BTC / USD, which is being verified with a potential merger of around $ 52,000.
Tesla’s purchase and Mastercard’s announcement was announced days after the MicroStrategy Bitcoin for Corporations summit attracted an audience of nearly 8,000 executives. While Tesla made the arrangements months ago, the implications of the event were clear – companies wanted and planned to add Bitcoin to their balance sheets.
Even the previously skeptical mainstream commentators were more and more in favor of Bitcoin’s superiority over cash as a treasury asset in the long run.
“I think it’s almost irresponsible not to include it – every cashier should go to the boardroom and say, ‘Should we just put a small portion of our money into Bitcoin?'” CNBC host Jim Cramer said last week.
In private comments, Simon Peters, crypto asset analyst at multi-asset investment platform eToro, predicts it will reach $ 70K in 2021.
“While we may see a short-term spike in the price of Bitcoin and other crypto assets as a result, Mastercard’s announcement – which comes shortly after Tesla’s own comments earlier this week – has real long-term implications for Bitcoin and its peers,” he said. .
“Bitcoin and its peers, quite simply, will be part of the mainstream financial world sooner rather than later. I expect demand to rise and see Bitcoin prices reach at least $ 70,000 by the end of this year.