The Bitcoin price rises to a new record all-time high and gains a foothold in the market. The rally to an all-time high of $50,000 seems only a matter of time. The market capitalization is also for the first time at a high of over 800 billion US dollars.
A driver of this current price movement is likely to be a well-known electric car manufacturer. As part of a new investment policy, Tesla is buying Bitcoin for 1.5 billion US dollars, thus creating a new upward trend.
But not only Elon Musk sees Bitcoin as a profitable investment opportunity. A legendary investor Bill Miller is also planning to invest part of his investment trust in the popular cryptocurrency. With around 300 million of his 2.25 billion US dollar asset management, a fund manager joins the Grayscale Bitcoin Trust. This fact is noted in the ‘US Securities and Exchange Commission’.
In addition to the large investments, the media interest in the original coin is still very high. This is due to the fact that more and more private investors are buying Bitcoin and swapping their savings into cryptocurrencies. The signs are therefore good for a long-term Bitcoin rally. The next stage should be the 50 thousand US dollar mark.
Can Bitcoin Hold Its Price of $40K?
The value of Bitcoin had already increased significantly in the past few months, but it couldn’t increase to $40 thousand. Most billionaires and traders invested in the crypto market specifically use their reach to push cryptocurrencies. Elon Musk, for example, has been calling for buying Dogecoin (DOGE) on his Twitter in the past few weeks. The price then increased by almost 600%.
The statements made by Musk may encourage many private investors to make hasty purchases of cryptocurrencies. This is exactly where some analysts and experts see the weakness of the current all-time high and predict a regression to below $40 thousand.
Investments of large investors, institutions, and companies such as Tesla or PayPal are also an opportunity to further develop Bitcoin in the long term. The acceptance of cryptocurrencies among private investors has never been as high before.
Conclusion: Bitcoin Is Unstoppable!
With Elon Musk, many other financially strong investors have entered the crypto market. The announcement that he will accept Bitcoin as a means of payment for all Tesla products should also continue to strengthen the crypto coin. The corresponding media coverage makes private investors feel good about investing part of their assets in Bitcoin.
Therefore, a short-term target price of $50 thousand and even $60 thousand in the long term doesn’t seem too unrealistic. Despite volatility, the Bitcoin market is showing its bullish side. The Bitcoin Rally is on!
At the time of writing this article, the Bitcoin price stands at $46,873.00.