Currently sitting at nearly 35k, Bitcoin’s price this week has been affected good and bad, by both news from China cracking down on the coin, and that El Salvador is giving each of it’s citizens $30 of BTC.
But thankfully, market analysts are still exceedingly bullish on Bitcoin breaking $40K quite soon. This due to the fact that quarterly options on the coin have just expired, and that the market downside was retested and able to hold at a higher low than before.
From here, Bitcoin could finally bounce back, and once again break the 40k threshold. Investors hope it continues to find it’s way back to highs reached earlier this year.
Quarterly options expired, time to fix the market:
Expecting a full reversal over the next few months to ATHs
Strong reclaim of support after fakeout to downside, retested higher low.
Expect range high 40k to be re-tested and then broken in short order. pic.twitter.com/ww47qvTymT
— resolute (@resolutemex) June 28, 2021
Investors are enthusiastic that all time highs are on the horizon for the top crypto. Since the market was able to hold at higher low,
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Why Bitcoin Is Primed To Move Now
One huge reason why Bitcoin could be primed to move right now is that Mexican billionaire Ricardo Salinas Pliego urged people to buy and noted his bank is working to be the first lender to accept the crypto in the country. On Sunday in response to a tweet from Michael Saylor, Pliego stated,
Sure, I recommend the use of #Bitcoin, and me and my bank are working to be the first bank in Mexico to accept #Bitcoin. If you need more details or information follow me on my Twitter account
Pliego has been a longtime bitcoin advocate. But using his financial prowess to allow citizens and investors in Mexico to have access to the crypto takes his furtherance to a whole new level. He understands the importance of blockchain technology on the long term and is helping give it’s decentralized financial freedom to people in his country.
The market could further be primed as just a few weeks ago, a slew of South American countries were looking to adopt crypto in various ways. Countries including El Salvador, Paraguay, and Panama have been leaders in the region. Recently they each moved with legislation to adopt cryptocurrencies, and to allow crypto exchanges to operate within their borders.
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Will The Crypto Adoption Revolution Continue?
Late last week, Jack Dorsey announced a summit on Bitcoin called The B-Word. It will host many tech and business leaders around the world converging to discuss and demystify both BTC and blockchain technology.
With more people and businesses around the world finding out about and using cryptocurrencies, there will be continued adoption of the technology. Plus, new innovation in blockchain technology will bring new applications to everyday life in markets we don’t even exist yet.
Featured Photo by Mihály Köles on Unsplash