Bitcoin Breaches 50k. What’s next?

BTC 50k

For a brief moment during early New York trading hours, bitcoin broke above $50,000 for the first time ever. However, at time of writing this article bitcoin’s price is down to around $48.5k. However, many are arguing that BTC reaching $50k will start a bitcoin supercycle.

After breaching a price of $50k most likely what happened is that a lot of automatic take profits from investors all around the world got triggered and the price quickly went down, however that technical response is far less significant than the psychological barrier of $50,000 that BTC just breached.

We at MostTraded.com think that the latest events will push the BTC price even higher, we could be looking at $60,000 bitcoin in a matter of 2 weeks. Not just because Bitcoin broke $50,000 but also because a lot of other news is coming in as well, here are some of them:

Microstrategy on Tuesday said it intends to offer $600 million aggregate principal amount of convertible senior notes due 2027.

The once-obscure firm, which jumped into the headlines last August for using treasury funds to buy bitcoin and has since loaded up on the leading cryptocurrency to the point its holdings are worth more than $3.5 billion, said it intends to use the net proceeds from the note sale to buy even more.

BNY Mellon is creating a crypto unit, while Morgan Stanley is reportedly weighing investing.

Deutsche Bank, according to a new report, is looking at implementing a platform for digital asset custody.

The goal is for the bank to provide “seamless connectivity to the broader cryptocurrency ecosystem,” the report says.

SBI Holdings, the Japanese conglomerate, is working on talks with international financial firms on potential joint ventures in cryptocurrency, with the company looking to broaden its profitability.

We are being flooded with the bullish news, everyone wants to buy BTC, everyone is writing about it, and very soon 1.5 Trillion USD will be injected into the biggest economy in the world, which we believe will have a profound effect on the price of BTC.

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