Prices of Bitcoin (BTC) soared Tuesday as a recent sell-off in government bonds paused, and more institutions added the digital asset to their balance sheets.
The BTC/USD exchange rate was trading a little below $55,000 ahead of the London morning trading, up 26% from its sessional low of $45,500.
Bitcoin extended those gains hitting a 24-hour high of $54,348.57 in early afternoon Singapore time, around 7% higher than the same time a day before. Bitcoin has since pared some of those gains.
Bitcoin seen to hit $60,000
Bitcoin had a major recovery move from a local bottom of $43,000 registered on February 28. The top digital asset is currently on course to new all-time peaks as long as it can ascend above a key resistance level.
Traders’ bullish sentiment for BTC/USD spilled over to the ongoing weekly session, pushed further by a retreat in the bond yields. Many observers projected that bitcoin is now on its way to reaching the vaunted $60,000 level in the coming sessions.
Teddy Cleps, an independent market analyst, spotted BTC in a fractal breakout, noting that the possibility of the token hitting higher levels grew after breaching above downward trendline resistance, Bitcoinist said.
Anticipated bull run for BTC
Greg Waisman, co-founder and chief operating officer of the global payment network Mercuryo, cited the popular Stock-to-Flow model while predicting a looming bull run for Bitcoin.
The Stock-to-Flow model, created by a pseudonymous data analyst PlanB, sees BTC being valued at around $100,000 this year, as per Bitcoinist.
Meanwhile, Bitcoin’s market valuation went above $1 trillion during mid-morning trade Tuesday Singapore time, CoinDesk said.
It is only the second time that bitcoin’s market cap has broken past the $1 trillion level after reaching that milestone for the first time on February 19. The crypto’s market valuation remained above $1 trillion for a few days before dipping below that mark.
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