Last Friday, Bitcoin’s price rose to $42k+ which is the highest price since May 21, according to binance.
Bitcoin has been experiencing a bear market since May after going down from it’s all time high of $65k.
While most of the crypto analysts predicted that btc will go down to $25k but the opposite happened instead of going to $25k BTC rose from $28.5k all the way to $40k in just a week. 70% of difference from expectation to reality.
Why did Bitcoin rise during a bear market?
One of the factors can be the B word event, where Elon Musk, Jack Dorsey and Cathie Wood talked about how institutions can embrace Bitcoin. We learned many things after the B word event, Elon owns bitcoin, ethereum and doge, Right after the live event Bitcoin’s price did rise.
Also the second factor is that the cost of bitcoin by investors who entered the market in the last 12 months is $37.3k which I think shows a strong support point for the price.
More institutions are getting into BTC
The website bitcointreasuries.org is curating bitcoin treasures held in reserve by publicly traded companies from across the world. At the time of writing, 34 companies with a combined total 215,146 BTC, or 1.05% of the total supply of 21 million BTC, are listed on the page. Microstrategy and Tesla both have the most amount of Bitcoin owned by publicly traded companies. Microstrategy has 105,085BTC ($4,361,087,220 value today) and Tesla has 42,902 ($1,780,457,381 value today).
BItcoin’s future price
Nobody can predict the price of bitcoin but one thing is for sure that Bitcoin is always profitable in the long term investment, There are bear markets and short squeezes in the short term term.
Disclaimers: This is not an investment or a financial advice, It’s just my opinion of the current market situation.
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