Bitcoin, world’s largest cryptocurrency, has gained as much as 50% from its recent lows, revived optimism and price targets as Investors grapple to invest in Crypto Asset Class.
Bitcoin has been rallying for four weeks in a row and is on track for another monthly rally. Overall, it saw its fastest progress since February-2021 after the last time it was in the middle of a record jump. Bitcoin was up by 2% in intraday trade, trading around $ 46,280.
Analysts are of the opinion that Despite the new regulatory review, many investors see this as positive news and a positive catalyst because it removes a lot of confusion or uncertainty. I also make it clear that the crypto community is no longer an esoteric perspective.
For now, analysts ignore the risks but highlight higher target prices, which have long been part of the investment thesis behind access to cryptocurrencies.
Wth $50,000 immediate target in sight, analysts from Fundstrat Global Advisors is of the opinion that BTC has crossed its 200-days average and hence in bullish momentum which is likely to persist by Year-End.
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