One of the best investment opportunities available now is Bitcoin, the largest cryptocurrency in the market. Many people continue to think they can make enormous profits when they invest in Bitcoin, despite the fact that the price can change dramatically. For example, the past few weeks, Bitcoin price has been fluctuating a lot. One day it goes up to US$29k and the next day it falls between US$26k – US$27k.
At the time of writing, Bitcoin price increased by 2.96 per cent to US$27,984.84. Its 24-hour trading volume was US$15.91 billion. It is currently ranked number 1 on Coinmarketcap, based on market cap. Bitcoin's market dominance was at 46.70 per cent, up by 0.31 per cent over the last 24 hours.
Long-term favorable conditions are predicted by the technical analysis of the USD and Bitcoin markets. The forecast chart also indicates that a foundation is emerging for the bullish market, which has a goal value of about US$100,000. We can anticipate a return to the flag's lateral edge at US$70,000 since Bitcoin is now selling at its lower limit. Such movements can unquestionably be seen as the start of a bullish trend on a lesser TF chart, which may last until the winter.
Bitcoin has one distinctive quality all its own: a finite supply. Only 21 Bitcoin units were ever created, and there are presently 20 million available for use. According to some experts, the market demand is still increasing even while the supply is fixed. Other analysts argued that because Bitcoin is in such short supply and individuals are vying for ownership, it is preferable. People buy Bitcoin while also taking psychological aspects into account.
The rising adoption rate is yet another important element driving up the price of bitcoin. According to bitcoin expert Kate Waltman, many people are now prepared to buy and experience the amazing world of cryptocurrencies. Additionally, cryptocurrency technology is gaining traction more quickly than people did when the internet initially emerged. With that hypothesis, the high rate of adoption of this cryptocurrency will raise the price of Bitcoin even more. Statistics from a digital firm that manages assets show that annual growth in Bitcoin adoption has been 113%.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.