Bitcoin price is currently around 35K, and this week the price of Bitcoin has been affected, both for good and for bad, by the news from China cracks down on currency, and that El Salvador offers each of its citizens $30 of BTC.
Fortunately, however, market analysts are still very optimistic about Bitcoin breaking $40k soon. This is due to the fact that the quarterly options on Currency It just expired, and the downside of the market has been retested and is able to hold on to a higher low than before.
From here, Bitcoin could finally bounce back, once again breaking the 40K threshold. Investors hope it will continue to find a way back to the highs reached earlier this year.
Quarterly options expired, time to fix the market:
Expect a complete reversal over the next few months to ATH
Strong recovery of support after hoaxing to the downside, retesting the higher bottom.
Expect to retest the high 40k range and then break it in no time. pic.twitter.com/ww47qvTymT
– Hazem (resolutemex) June 28, 2021
Investors are excited that all-time highs are looming for the best cryptocurrencies. As the market was able to hold at the lowest level,
Related reading | Bitcoin Gaining Momentum, Why BTC Could Target New High Over $35,000
Why is Bitcoin preparing to move now
One of the big reasons Bitcoin is poised to move right now is because Mexican billionaire Ricardo Salinas Plegio urges people to buy He noted that his bank is working to be the first lender to accept cryptocurrency in the country. Sunday in Reply to Tweet From Michael Saylor, Bligo stated,
Definitely, I recommend using #Bitcoin, and my bank and I are working towards being 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 access to cryptocurrency takes him to a whole new level. He understands the long-term importance of blockchain technology and helps give it decentralized financial freedom for the people in his country.
The market can be more prepared as it was a few weeks ago, a large number of South American countries have been looking to adopt cryptocurrency in different ways. Countries such as El Salvador, Paraguay, and Panama have been pioneers in the region. Recently, all of them have moved with legislation to adopt cryptocurrency, and allow cryptocurrency exchanges to operate within their borders.
Related reading | Top English Cricketer Kevin Petersen Recognizes Bitcoin (BTC)
Will the cryptocurrency adoption revolution continue?
late last week, Jack Dorsey announces Bitcoin Summit The B-Word. Several technology and business leaders around the world will be hosting a meeting to discuss and demystify both BTC and blockchain.
With more people and companies around the world learning about and using cryptocurrencies, there will be continued adoption of this technology. In addition, new innovations in blockchain technology will bring new applications to everyday life in markets that we have not yet found.
Featured Photo by Mihály Köles on Unsplash