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Bitcoin price tests new all-time high – another tech company gets in

  • The Bitcoin price is currently testing the current all-time high at $28,400, with analysts warning of a correction.
  • With NexTech AR, another publicly traded company is initially investing USD 2 million in Bitcoin.

The Bitcoin price has been moving sideways in a price range between $25,700 and $27,800 over the past few days. In the last few hours, however, the price has broken out of this range and risen to $28,600 and is testing the current all-time high at $28,400. Within the last 24 hours, Bitcoin has thus recorded a gain of 7.96% and stands at $28,380 at the time of writing. The market capitalization has risen to $528 billion.

Blockroots founder and Bitcoin trader Josh Rager elaborates that Bitcoin became a victim of a “Black Swan” event after its price rose from $7,000 to $10,000 in March, and as a result, the price fell to USD 3,000. By mid-year, Bitcoin had recovered and is now showing a new all-time high at the end-of-month candle close over each of the last three months. According to Rager, Bitcoin could test the $30,000 mark by the end of this week.

Bitcoin’s fundamentals are strongly bullish, so much so that trader “yTedd” is also forecasting a price rise in BTC towards the $30,000 mark. In his opinion, however, this could be followed by a correction lasting several weeks, in order to turn the fulminant price increase of the last few weeks into a healthy and sustainable development. This is another reason why traders should be vigilant, as Bitcoin is currently showing very high volatility.

However, not all experts are showing bullishness. “Il Capo Of Crypto” warns of a possible correction down to the support level of $25,000 . Bitcoin showed strong price fluctuations of up to $2,500 in recent days, so this scenario does not seem unlikely. He also points out that Bitcoin can first rise to $30,000 and then the correction could start.

The order books of many exchanges do not show any big “sell walls”, so Bitcoin trader “SalsaTekila” also believes that the way is clear for a further price increase towards 30,000 USD. Nevertheless, he also points out to his followers that a correction should follow in the next few days, otherwise Bitcoin will move into the overbought zone according to the RSI (Relative Strength Index).

Institutional investors continue to drive bull run

In addition to the well-known market giants Grayscale, MicroStrategy or PayPal, more and more big players from the free market are entering the Bitcoin market. For example, NexTech AR announced in a new press release that it will invest $2 million in Bitcoin as a first step to hedge against the FED’s inflationary monetary policy.

This initial investment reflects our belief that Bitcoin is a long-term store of value and an attractive investment asset with more long-term appreciation potential than holding cash, which is currently yielding 0.06%.

According to CEO Gappenberg, Bitcoin is emerging as a digital alternative to gold, so more investments in Bitcoin will follow next year. Furthermore, the mayor of the city of Miami caused a stir when he expressed openness to the idea of putting 1% of the city’s financial reserves into Bitcoin. Anthony Pompliano had previously called for his tweet to be shared if US citizens were to move to the city, insofar as the mayor was taking this step.

About Author

Collin Brown

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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