Bitcoin after a short-lived rejection above $47,000 seems to be poised to smash the ATH and hit the target at $50,000 shortly
After one of the biggest tech company, Tesla announced its Bitcoin holdings, many other CEO are expected to roll-out similar announcement
With the Bitcoin bull rally getting heated up, with more institutions pouring in, a major Bitcoin supply shortage may be incoming very soon
Bitcoin Price Records the Largest Green Candle in History
The bitcoin price was attempting very hard in recent times to rise above $40K and smash the current ATH, yet got rejected multiple times. However, the bull rally initiated when Tesla announced their bitcoin holding of nearly $1.5 billion.
The price rallied like never before, recording the largest evergreen candle accumulating more than $5000 within a couple of hours. However, the BTC price has a record of hitting more than 50 ATH’s after every halving as analyzed by an analyst ChartsBTC.
As mentioned in the chart, the BTC hits ATH as many as 52 times after the first halving and 74 times after the second one. Currently, the price has achieved only 19 ATH’s after the third halving and hence many more are expected to come following the previous two trends.
Many More may Join the Bitcoin Ecosystem
The year 2020 witnessed a large institution interest in Bitcoin investment as the price showcased huge volatility with steady growth. The major swirl occurred when Microstrategy announced their Bitcoin holding and the price swing accelerated every time they added more Bitcoin.
Further many other companies also joined Microstratergy which also helped the price surge. The latest price movement was boosted with Tesla’s Bitcoin holding and many other companies may also follow suit.
According to an analyst Documenting Bitcoin, Apple is rumoured as the next company to buy Bitcoin. Apple currently has more than $200 billion cash reserves and if it invests only 10% of them, Bitcoin price may reach as high as $100K as predicted by many analysts.
On the contrary, as the Bitcoin price rally surges to the highest ever levels, the popular cryptocurrency exchanges face some technical issue and halt trade for some time. Therefore, we can interpret as a huge Bitcoin supply shortage may be incoming as said by analyst Max Keiser.