Bitcoin continues to recover after falling to $ 30,000 in July – the first cryptocurrency topped $ 50,000 for the first time since mid-May.
In early May, bitcoin reached a historic high of $ 64,000, but then the rate of the first cryptocurrency fell by half. This is due to several factors, including the bans by the Chinese authorities on mining in the country. However, now Chinese miners are gradually moving capacities to other states, which allows them to restore the hashrate of the Bitcoin network and pushes the BTC rate up again.
By data analytical company Glassnode, now again there is an outflow of bitcoins from cryptocurrency exchanges. This means that investors buy BTC on the exchanges and withdraw them to cold wallets for long-term storage. This is a positive bullish signal for the cryptocurrency market. The same outflow of bitcoins from exchanges was recorded at the end of 2020, before the start of the large-scale growth of BTC.
At the same time, analysts and traders warn that now special caution is needed in the market, since a short-term correction of the rate is quite likely, especially if Bitcoin fails to gain a foothold above $ 50,000.
However, in the long term, most are in favor of continued growth in BTC. So, according to Bloomberg analyst Mike McGlone, the rate of the first cryptocurrency may well reach $ 100,000 in the medium term.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
