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Even sky is not the limit: Bitcoin is ready for second stage of long bull market


Bitcoin prices are trading at $46,000, the highest price of the first cryptocurrency since May. The growth of digital gold was more than 30%, if compared with last month. For three months, bitcoin could not overcome the $45,000 bar.

Bitcoin whales continue to store cryptocurrency and withdraw it to cold wallets, Elon Musk, Jack Dorsey, and Michael Saylor continue to support the cryptocurrency and give it the green light. This could not but affect such a sharp jump in bitcoin. Many analysts are very optimistic about the further growth of bitcoin, and the second stage of a long bull market may soon begin, which may lead bitcoin to repeat historical highs when it was worth $65,000.

Here is what Kraken crypto exchange analyst Dan Held said: "This growth resembles the correlation in the price of bitcoin in 2013, when the number one crypto asset first fell from historical highs down, and then in the same year it made a reverse movement and repeated its phenomenal growth and reached the second peak."

It is still too early to talk about the future consequences of the US infrastructure bill, which can tax all crypto owners. Concerns about this law, which may tighten the storage of cryptocurrencies and introduce taxes for holders in the United States, could not stop the growth of digital gold, sow panic and weaken investor sentiment, but, on the contrary, helped to become a catalyst for the growth of the number one crypto asset.

According to many analysts, bitcoin will soon test the level of $48,000 and overcome the bar of $50,000. If it succeeds, then the next real target will be approximately at the level of $57,000, and if bitcoin manages to test this level and consolidate on it, then it may well begin to rush to new historical highs and cost up to $90,000 in the fall or winter of this year.

The maximum target that stands for bitcoin, if everything goes according to the drawn plan for the number one cryptocurrency, is $175,000.

The material has been provided by InstaForex Company -