Can Bitcoin price reach $ 60,000?

The bitcoin trading pattern appears intraday as institutions pile up

Bitcoin recently showed a tendency to hit its intraday lows in the Asian or European session, finishing near-daily highs in the US.

For example, Monday's low was after 3 AM New York time and the high was around 4 PM. Tuesday's low was at the start of the Asian trading session before rising and settling near $ 54,000. Somewhat similar patterns emerged on Wednesday and Thursday. 

A theory has emerged that this may be due to tokens being mined and sold in Asia, and then buyers come to market in US watches.

Read Also: Bitcoin is trading north of $ 50,000 after the recent gains

There are clearly a lot of mining companies outside of Asia, and the pattern that we're still seeing is that the sale is coming from Asia. . This changes intermittently, but the purchase is coming from the US as people repeat MicroStrategy.

Microstrategy Corporation, of course, is the Michael Saylor-led company that converts its funds into Bitcoin and now has more than $ 4 billion. Tesla Inc. 

It recently put $ 1.5 billion into the largest cryptocurrency as well. There are signs of growing institutional interest in Bitcoin after popular investors such as Paul Theodore Jones, Stan Druckenmiller, and Howard Marx have endorsed digital assets, and the idea that portfolios could benefit from cryptocurrency allocation is gaining traction.

China accounts for around 65% of the global bitcoin mining computing power, according to the Bitcoin Electricity Consumption Index compiled by the University of Cambridge. Malaysia is the fifth-highest on the list, at 4.3%.

Bitcoin was trading around $ 56,800 as of 8:51 am in London Friday. It reached a record high of $ 58,350 last month and increased nearly 10 times in the past year.

The legendary investor reveals concerns about Bitcoin after the price suddenly rose towards $ 60,000

Bitcoin rose again this week after it struggled to maintain momentum in early 2021 during the last week of February through March.

Bitcoin's price has added more than 10% in recent days, rising again above $ 50,000 and reaching an all-time high of $ 58,000 per bitcoin as the United States approved a massive 1.9 trillion coronavirus stimulus package. Dollars.

With the bitcoin price climbing nearly 600% in the past 12 months, investment legend Mark Mobius warned that the sharp fall in bitcoins could hurt technology stocks very badly.

One of the things I'm afraid of, and I don't think it is, is the low price of Bitcoin. I think the relationship between bitcoin prices and the technology market is very close. You should: watch this indicator.

Bitcoin's stark rise has been reduced to a combination of Wall Street institutional adoption, corporate interest, and retailers piling up in the bitcoin and cryptocurrency market.

In early February, Tesla, the electric car maker led by billionaire Elon Musk, set the Bitcoin market on fire when it revealed that it had bought $ 1.5 billion worth of Bitcoin. Speculation that other tech companies may follow Tesla into bitcoins has sparked the flames, with cryptocurrency obsession engulfing the markets.

We hope Bitcoin will remain steady, and neither is we expecting or hoping for a decline. But we just hope it stays steady as tech stocks will be able to recover by then.

Tech stocks that have taken a hit in recent weeks rallied so far this week, rising along with the bitcoin price, led by Tesla.

With the price of Bitcoin rising, bitcoin investors and cryptocurrency analysts are once again feeling confident that the recent bullish trend is not over yet.

After dropping to $ 53,500, buyers returned to the main stage and pushed Bitcoin to $ 57,000. There is a good chance that the standard cryptocurrency is headed for over $ 60K.