Recently, billionaire investor Michael Saylor made headlines with his decision to purchase a staggering $150 million worth of Bitcoin, making sure that he is seen as a major advocate of the world’s leading cryptocurrency.
Given this major investment, conversations around the future of Bitcoin’s cost and its effects on both investors and the market at large have been stirred up. Hence, it is important to assess the factors that could affect the value of Bitcoin and the potential outcomes of this increasing trend.
Rise in Crypto Interest Amid Financial Instability
The crypto market has seen a remarkable surge in recognition, specifically as the recent US financial crisis has led to deteriorating faith in traditional banking systems. Despite this, Bitcoin (BTC) has still seen notable value appreciation in the past month.
The US banking crisis has been a major factor in pushing customers to cryptocurrency trading, as they seek safe assets such as Bitcoin to guard their investments. This is reflected by the rising number of US investors, including institutional investors, who are buying large amounts of Bitcoin in anticipation of it eventually replacing the US dollar as the world reserve currency.
Moreover, recent developments have shown Chinese banks demonstrating openness to accommodating Hong Kong-based crypto companies, which is viewed as another important factor that could possibly propel Bitcoin’s value higher.
At the moment, the live price of Bitcoin stands at $27,044, with a 24-hour trading volume of $18.3 billion. Over the last day, Bitcoin has seen a 3% decrease in value. As per CoinMarketCap, it holds the #1 ranking, boasting a live market capitalization of $522.7 billion.
Based on technical analysis, the BTC/USD pair is currently displaying a volatile pattern, with the possibility of encountering resistance around the $28,900 level. For the time being, the technical outlook remains relatively unchanged, as Bitcoin continues to hover near the $27,900 price point.
If the BTC/USD pair succeeds in breaking through the resistance level at $28,950, it could result in an increase in Bitcoin’s value, with the potential of the price climbing to $29,200 or even $30,700.
On the other hand, if a downward trend develops, Bitcoin’s cost is projected to encounter strong support levels at around $26,600 and $25,200.
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Disclaimer: The Industry Talk section features opinions by crypto industry players and is not part of the editorial content of Cryptonews.com.