From CryptoTrend we know how important it is for you to keep up to date with the crypto market information. That’s why today we bring you a summary of the most important events about Bitcoin (BTC).
Can you imagine the price of Bitcoin reaching $25,000?
The price of Bitcoin (BTC) seems to have had a very positive week. Let’s see what happened!
On Saturday, July 18, the BTC price was at $9,184, the level it had been at the previous weeks. But, on Tuesday July 21 the crypto market surprised us when Bitcoin reached $9,305, a 1.32% increase in a few hours.
This comes after almost 3 months of being in a big, boring side. In this sense, in the technical analysis that we conducted from CryptTrend, we pointed out that the intraday trend changed clearly to an upward one.
At the time we pointed out that, with the rise of Bitcoin, the price hit a key residence at $9,435, a barrier that if it managed to overcome, the ground could be completely cleared to at least $9,689.
As of this writing, the Bitcoin price is $9.573. This begs the question: will the uptrend continue? Will it reach the long-awaited level of $10,000?
But why the $10,000? Why not be more ambitious? This week we reported in Crypt Trend that, the creator of the Bitcoin (BTC) stock-to-flow (S2F) pricing model, PlanB, reported that Bitcoin may be moving towards the USD. 25.000.
„S&P 500 and Bitcoin have been correlated and co-integrated for the last 10 years. Bitcoin’s implied price according to the S&P: $25,000. Interesting times are coming,“ he said on Twitter.
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Enthusiasm at Bitcoin
The price increase generated quite a bit of excitement in the crypto community. In fact, Changpeng Zhao, Binance’s CEO, commented on his social networks that he had never seen so much enthusiasm for a small Bitcoin movement.
Also, another highlight about Bitcoin is that Garry Kasparov, the legendary chess player, showed his sympathy for BTC. In an interview with Forbes, he said that Blockchain technology and cryptomonies like Bitcoin are „natural choices“ for protection against privacy and human rights violations.
However, despite these facts mentioned above, Google Trends also reported this week that interest in BTC declined to the lowest level in 2020.
But, as we reported from CryptoTrend, this does not have to be classified as positive or negative. In general, Google Trends reports a higher interest in BTC when there is more volatility.
Therefore, from CryptoTrend we conclude that it is the volatility in Bitcoin Era that generates interest, but interest does not determine price increases or decreases.