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Bitcoin Coiling up Yet Again, Bearish Divergence Just Got REKT!

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Highlights

    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.

Hence, if many more ATH are incoming, the BTC price which has ended the correction phase may hit $50K very soon as predicted by analyst Micheal van de Poppe.

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

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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