Bitcoin at $64,000 is Amazing But It’s Just the Start, says Market Analyst
Bitcoin (BTC) continues with its rollercoaster ride of scaling new heights. The top cryptocurrency by market capitalization has made history by breaching the $64k level, a fate not seen in its twelve-year history. BTC is trading at $64,650 at the time of writing, according to CoinMarketCap.
Crypto trader Michael van de Poppe believes that Bitcoin at $64,000 is amazing, but this is just the start.
Some analysts have pointed out that the present BTC bull run is just the tip of the iceberg, as acknowledged by pseudonymous analyst "Plan B," who recently disclosed that BTC’s uptrend is far from being over, based on the 200-week moving average and on-chain realized metric.
Bitcoin futures open interest push past $27 billion
According to on-chain metrics provider Glassnode:
“Bitcoin Futures Open Interest across major exchanges reaches record highs of more than $27B as BTC hits new ATHs.”
Crypto data firm IntoTheBlock also noted that BTC perpetual swaps open interest hit a new ATH of $18.15 billion.
Huge institutional investments have fueled Bitcoin’s current rally. For instance, Meitu, a Chinese app developing company specializing in photo-editing and video processing software, recently announced the purchase of an additional 175.6 Bitcoins for $10 million, bringing its total BTC reserve to over 940 coins.
Earlier in February, American electric car maker Tesla Inc purchased BTC worth $1.5 billion with the intention to further diversify and maximize returns.
As Bitcoin continues with its record-breaking moves, the future seems to have plenty in store for the leading cryptocurrency, as acknowledged by market analyst Joseph Young who trusts the big difference between BTC’s 2017 and 2021 bull run is that everyone is not heading for the exit.
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