17:242 KEY REASONS WHY ANALYSTS EXPECT A STRONG BITCOIN BREAKOUT HERE
Bitcoin has finally begun to move higher after much consolidation over the past week.
Bitcoin is up 2% in the past 24 hours as it begins to trend higher.
Analysts think that this price action may be building to a stronger breakout in the coming days.
A prominent crypto-asset analyst shared the chart seen below just recently. The chart shows that Bitcoin is breaking past two key resistance levels that formed at the highs seen earlier this year. The analyst that shared this chart, Bitcoin Jack, wrote on what is seen:
“Pending daily close this is bulls scoring one point closer to a homerun.”
Chart of BTC's price action over the past few weeks with analysis by Bitcoin Jack. Source: BTCUSD from TradingView.com
The firm is hosting an online event in the coming days to discuss how firms across the globe can integrate Bitcoin into their businesses, whether that’s from a financial investment perspective or maybe from a payment perspective. CEO Michael Saylor said on the matter:
“If you are interested in the legal considerations firms face while integrating #Bitcoin into their corporate strategy, you are not alone. We have professionals from more than 1400 firms joining us tomorrow for this discussion. There is still time for your legal team to attend.”
He previously stated that there will be thousands of executives attending this event:
“We’re going to have thousands of executives, officers…directors, & advisors of corporations coming together in the first week of February. They all want to figure out how to plug #bitcoin into their balance sheet or their P&L…We’re going to open source it.”
This event could result in billions more being allocated from the traditional finance world to crypto.
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