The coin market has been consolidating, post a healthy momentum. The market capitalization of the space, at press time, is up by 1.1% at $2,743,014,523,516. Meanwhile, the dominance of the star crypto is at 43.1%. Enthusiasts in the space, are eagerly waiting for Bitcoin to pick up the pace. Meanwhile, a popular investor’s trade mistake turns pocket heavy.
Bitcoin Goes Long, While Investor Predicts Short!
BTC did break through its resistance around $62,000. While the trade volumes remain below satisfactory levels. Crypto proponent Lark Davis, mentions that Popular American investor, Michael Burry had shorted both Bitcoin and Tesla. Both of which, have given out exceptional gains. Costing huge money for the investor. He also believes, going long could have returned over 100%. On the contrary, shorting would have given him 50%.
Analyst opines that one cannot be pessimistic with innovation and technology. As these are programmed to skyrocket. In addition, he contemplates 3.4 billion more users to come into the crypto market in the future. Analyzing the impetus following the user base would be no rocket science.
Institutional investments in Bitcoin are now a thoroughfare. Korea Teacher’s Credit Union is planning to invest in Bitcoin. The fund manages more than $40 billion in assets. Even a fraction of which, would mean huge impetus to the network. In addition, BlockFi is set to launch a partnership with Neuberger Berman, which manages around $437 billion in client assets.
Bitcoin Price Analysis
The commander of the crypto space at press time is trading at $62,658.27. And is currently testing its resistance levels. A ‘head and shoulder’ is formed which is yet to be confirmed as the other shoulder is yet to be formed. However, the price is attempting hard for a notable rebound before dumping back to the neckline.
However, on the downside, the coin would plummet to the neckline at the level of around $60,000. If it fails to hold the support, it might plunge to its next support level at around $56,000. Hence, it is vital for Bitcoin to stick above the current levels and make a move northward.
Meanwhile, U.S Treasury Secretary Yellen proposes a tax on unrealized capital gains. Which is now a concern for investors from the states. Substantial sources suggest that the number of BTC addresses holding 100+ coins reached a 6-month ATH of 16,208.
In addition, the taproot upgrade is poised to go live this November. BTC has come a long way from its inception, beating the odds. And the recent adoption and investments could only take it to the moon.