Bitcoin prices are unpredictable roller coasters that have till now, surpassed the $28,000 resistance level. BTC also observed a 6.5% increase, with a possible rise beyond the $30,500 resistance zone.
The Bitcoin trends have again become unpredictable as the oldest and most popular digital currency across the globe exceeded the $30,000 limit. The impressive milestone emphasizes the increasing acceptance of cryptocurrency along with its possible upheaval in conventional financial systems.
As people start becoming more optimistic about Bitcoin's rise, market competitors are curiously examining the possible future path that this currency is most likely to carve. Let’s have a look at how Bitcoin news can affect the BTC price movements.
Michael Saylor, the founder and executive chairman of MicroStrategy, one of the top leading business intelligence companies, has been very supportive of Bitcoin and is suggesting firms to welcome cryptocurrency as a strategic asset. As of April 5, the company had collected 140,000 BTC with a total investment of $4.17 Billion, which says a lot about the company's optimistic approach toward the coin.
With an average purchase cost of $29,803 per Bitcoin, Microstrategy has yielded massive returns on its investment after the recent hike. This also highlights the possible advantages of constituting cryptocurrencies into corporate financial schemes. Even without the continuous bear market rush, MicroStrategy has persistently grown its Bitcoin holdings since its first acquisition in August 2020.
Bitcoin prices are unpredictable roller coasters that have till now, surpassed the $28,000 resistance level. BTC also observed a 6.5% increase, with a possible rise beyond the $30,500 resistance zone. Moreover, a break above the bullish increase pattern with resistance around $28,900 on the hourly trend chart of the BTC/USD showed a persistent increasing trend that went beyond $29,200.
Mike Novogratz, the Chief Executive Officer of Galaxy Digital, explained that it was possible to be bullish on both Gold and Bitcoin as they offer protection against the debasement of fiat currencies. Earlier in January, Bernstein analysts Gautam Chhugani and Manas Agrawal highlighted the perseverance of Bitcoin as a currency. While the last two winters were unstable with Bitcoin taking a downturn, it has been able to bounce back with exponential returns. According to them, investments during the crypto stress period have allowed for better results in the present.
The profitability comparison between Gold and Bitcoin goes far back to when people started talking about the merits of conventional haven over virtual currency.
According to analysts, a major break above the $30,500 resistance can probably boost the price even higher, which could eventually reach the $ 31,200 level. A downward correction will, however, mean that the price is unable to reach the $30,500 resistance.
On a different tangent, it was ascertained some while ago that ChatGPT, one of the most famous AI bots on the internet today, cannot either tell or predict the prices of cryptocurrencies when asked a question on the same. This is because it is very difficult for the bot to keep up with the prices in real-time and hence, doesn't respond very well to such questions.