Bitcoin cracks $ 45,000 – is a new rally starting now?
Bitcoin on the rise again. (Photo: REDPIXEL.PL / Shutterstock)
The Bitcoin price climbed above the $ 45,000 mark on Sunday, making it worth as much as it was last in mid-May. Is this just a flash in the pan or the start of a new rally?
Less than three weeks ago, the Bitcoin price had slipped below the psychologically important mark of $ 30,000. Previously, the Chinese government’s tough crackdown on cryptocurrencies and their miners, as well as the threat of regulation in other important markets such as the USA, had caused uncertainty. Then – at least it seems – a word from Tesla boss Elon Musk was enough to bring a new boost to the crypto market. In any case, on Sunday it went above the $ 45,000 mark for the first time since mid-May.
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Bitcoin price jumps 50 percent in 3 weeks
Even if it went straight afterwards by almost $ 1,500, the mood in the market seems to have brightened overall. No wonder. The jump to $ 45,000 meant an increase of only three percent compared to the previous day. In the past three days, however, according to Coinmarketcap, there was an increase of almost 20 percent. And since slipping below the $ 30,000 mark just under three weeks ago, Bitcoin has even risen by over 50 percent at its peak.
The main driver of the development was according to the analyst Timo Emden first of all Elon Musk, who at the end of July again announced that Tesla would accept Bitcoin again as a means of payment. It was also known that Tesla should hold over 40,000 Bitcoin. And: Musk assured that he himself also hold Bitcoin, Ethereum and Dogecoin – and that he does not intend to change anything. The – ultimately unconfirmed – message that Amazon could accept one or more crypto currencies as a means of payment caused a further boost in the Bitcoin rate.
Chart analysis: “Stubborn sideways trend” ended
According to analysts, with the latest upward price, from a chart technical point of view, Bitcoin has “left the stubborn sideways trend upwards”, as is the case with the platform The shareholder is called. The next thing to do is to cross the $ 48,000 mark in order to start a rally towards the all-time high. On the downside, the $ 41,500 mark is considered support. Despite all the positive sentiment, it is of course still true that Bitcoin, like other crypto currencies, is a highly volatile form of investment. Bad news can quickly go downhill again.
