Bitcoin is recovering a bullish trend over $40k

The first cryptocurrencyA digital currency running on a blockchain and built with cryptography. Contrary to central-bank issued currency, cryptocurrency issuance rules are... More hasn’t recovered yet its last All-Time-High (ATH) since April this year. However, it seems like the bullish sentiment is slowly coming back among the BitcoinBitcoin is the first decentralized digital currency. It was created in 2009, by an anonymous founder or group of founders... More (BTCAn abbreviation for Bitcoin.) investors. During the last seven days, its price increased by over 27%. This way, it reached again the $40k mark since mid-June.

May and June were hard for Bitcoin since some bad news gathered around the currency. Tesla stopped accepting BTC payments, China started to seriously limit Bitcoin use and the crypto-mining, and, in general, a lot of regulations have been appearing worldwide. As a result, a bearish trend took over the market, until now.

There are some possible reasons for this new bounce. The first one might have to do with the fact that the giant Amazon is looking to hire a cryptocurrency and blockchainBlockchain is a type of database storing an immutable set of data, verifiable to anyone with access to it —through... lead. According to some reports, they’re even planning to accept BTC payments on their famous retail platform, and —eventually— issue their own native token.  

However, for now, this is barely a rumor. As Reuters and other media reported, a spokesperson from the company contacted them via email to clarify the situation. Amazon didn’t deny its interest in cryptocurrencies, though. Nor they revealed their real plans about it.

“Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true. We remain focused on exploring what this could look like for customers shopping on Amazon.”

Another reason behind the Bitcoin price increase could be a “short squeeze” in progress by big investors. Therefore, they’d be buying BTC and selling it right away, expecting to make profits by re-purchasing cheaper afterward. But the Bitcoin price is inclining itself more to the bullish side day by day.

Bullish Bitcoin perspectives

Currently, the Crypto Fear & Greed Index by Alternative is in a neutral state, after long periods of fear or extreme fear. Besides, the general feeling among the investors on social media is aiming to $45k in the next weeks. And that’s not all.

According to “Plan B”, a popular Dutch institutional investor (and creator of the stock-to-flow model), Bitcoin could go to Mars this year. For him, Bitcoin will reach around $5.5t in market capitalization and a price between $100k and $288k per coin during the period 2020-2024. He’s not alone in this analysis.

The crypto-entrepreneur Bobby Lee, the current CEO of the cold-wallet firm Ballet, thinks Bitcoin could hit $300k by late 2021. In the same vein, experts like Anthony Pompliano, Jeremy Liew, and Peter Smith are equally bullish with Bitcoin, aiming to marks from $100k to even $500k. From now on, it seems like it’s only a matter of time.

Featured Image by MichaelWuensch / Pixabay

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