18:09BITCOIN PRICE TO HIT HALF MILLION DOLLAR THIS WEEK? THE CHANCES ARE HUGE
Bitcoin prices hit one record high after another in a week that saw global corporate giants doing everything from buying the cryptocurrency to announcing new projects that feature it.
Tesla revealed in its securities filing on Monday that it had purchased $1.5 billion worth of Bitcoin in January and that it intends to offer its clients the option to purchase their cars using the cryptocurrency as a mode of payment. On Tuesday, RBC Capital Markets analyst Mitch Steves speculated that Apple might want to copycat Tesla’s crypto investment.
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The same day, PayPal announced that it would expand its cryptocurrency services to the United Kingdom via its Venmo app.
BITCOIN PRICE MOONS
Mr. Poppe later tweeted that Bitcoin needs to hold $43,500 as support to ensure continuation towards and above $50,000. If it happens, the cryptocurrency might even hit $62,50o next.
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Joel Kruger, cryptocurrency strategist at digital asset exchange LMAX Digital, also singled out $50,000 as the Bitcoin’s next potential price target, calling it “a psychological barrier.” Mark Warner, head of trading at BCB Group, agreed but warned about heavy profit-taking near the level, which may cause Bitcoin to turn lower after testing it.
“I can’t see how BTC has topped with companies pouring in left and right to get invested,” he noted. “$50k is inevitable, whether we go down a bit beforehand or not shouldn’t be a deal breaker.”
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