Bitcoin’s price is currently close to 35,000 and has been impacted good and bad this week by both news from China cracking down on the coin and the fact that El Salvador is giving each of its citizens $ 30 BTC.
Fortunately, market analysts are still extremely optimistic that Bitcoin will soon crack $ 40,000. This is due to the fact that the quarterly options on the coin have just expired and that the market downside has been retested and held at a higher low than before.
From here, Bitcoin could finally recover and break the 40,000 threshold again. Investors hope it will continue to find its way back to the highs it saw earlier this year.
Quarterly options expired, time to fix the market:
A complete reversal of the ATHs is expected in the next few months
Strong recovery of support after fakeout down, retested higher low.
Expect the range high 40k to be retested and then interrupted in a short time. pic.twitter.com/ww47qvTymT
– determined (@resolutemex) June 28, 2021
Investors are thrilled that all-time highs are on the horizon for the top cryptos. Since the market was able to hold on to a higher lows,
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Why Bitcoin is Ready to Move Now
One big reason Bitcoin might be ready to move right now is because Mexican billionaire Ricardo Salinas Pliego took people to buy, noting that his bank was working to be the first lender to bring crypto in the country accepted. In response to a tweet from Michael Saylor, Pliego stated on Sunday:
Sure, I recommend using #Bitcoin, and I and my bank are working to be the first bank in Mexico to accept #Bitcoin. If you need more details or information, follow me on my Twitter account
Pliego has been a long-time Bitcoin proponent. But using his financial prowess to give Mexico citizens and investors access to crypto takes his funding to a whole new level. He understands the long-term importance of blockchain technology and is helping to give the people of his country decentralized financial freedom.
The market could be further prepared as just a few weeks ago a number of South American countries wanted to introduce crypto in various ways. Countries like El Salvador, Paraguay and Panama are leaders in the region. Recently, they each introduced laws to introduce cryptocurrencies and allowed crypto exchanges to operate within their boundaries.
Related reading | The top English cricketer Kevin Pietersen recognizes Bitcoin (BTC)
Will the Crypto Adoption Revolution Continue?
Late last week, Jack Dorsey announced a bitcoin summit called The B-Word. Many technology and business leaders around the world will come together to discuss and demystify both BTC and blockchain technology.
As more people and businesses around the world learn about and use cryptocurrencies, the technology continues to gain adoption. In addition, new innovations in blockchain technology will bring new applications into everyday life in markets that don’t even exist yet.
Featured Photo by Mihály Köles on Unsplash