In the great race of the bulls and bears, the Bitcoin Price bulls seem to pull off the market pretty efficiently due to their possession of power over the Bitcoin’s price action resulting in the cryptocurrency to rise to $40,000.
Despite the fluctuations, it has managed to maintain its rise. The bulls possess heavy power thus making the retraces act like boosters. So, it could be concluded that the bulls have control over the highs and lows of the market. It was mentioned by an analyst that the bitcoin could soon reach $50,000 which could be seen as a hurdle before it paves its way to reach $100,000.
Bitcoins Are moving up with the rate of just 6% at its present value which is $39,000, almost $40,000, hence the crypto currency’s price took a drop at $36,000 which was leisured by the buyers.
The rapid growth Bitcoin Price could be noted if the bitcoin manages to cross $50,000 then soon it would reach $100,000. In a matter of a few weeks, the market can witness a complete changeover.
Thus, the bulls of the stock market are in a great place at this point of time as they have the key to the retraces of the market with the efficient help of the bitcoins.
More than 19 million Bitcoins are being circulated in the market now surpassing its all-time highs, inflation is the most accounting reason for the same. TheUS-China tensions, International pandemic and Brexit seemingly had no profound impact on the rise of the bitcoins. A mass influx of investors would be another reason for this high and driving off of the cryptocurrency.