Bitcoin continues to recover after Sunday’s fall to $ 31,000. On Wednesday, the first cryptocurrency stormed $ 40,000, but could not hold above this level.
Bitcoin began to grow rapidly after the head of Tesla Elon Musk announced on Monday a meeting with American miners, at which the topic of using renewable energy sources for the production of cryptocurrency was discussed.
Positive news does not mean a reversal of the market yet. It will be fundamentally important for Bitcoin to overcome the $ 40,000 level and gain a foothold above, experts say.
Meanwhile, Bloomberg strategist Mike McGlone has confirmed his earlier Bitcoin prediction. In his opinion, the first cryptocurrency is still in the bull market and is on its way to the $ 100,000 mark, RBC writes.
Bitcoin is consuming too much electricity, which could be one of the reasons for the current decline. However, BTC mining is becoming more environmentally friendly and this trend will positively affect the attractiveness of the first cryptocurrency, McGlone is sure.
Shares the opinion of Bloomberg expert and Funstrat analyst Tom Lee. He also believes that by the end of this year, the bitcoin rate will reach $ 100,000.
The world’s largest investment company BlackRock is studying cryptocurrencies from the standpoint of their suitability for hedging market cycles, said BlackRock CEO Larry Fink, writes Reuters.
In April, BlackRock revealed its first cryptocurrency investments. The firm acquired 37 bitcoin futures contracts from the Chicago Mercantile Exchange with a par value of $ 6.1 million.
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