|–Bitcoin spiked over $40K after MicroStrategy’s pitched BTC to over 1,400 firms.|
-More so, BTC whales have continued to accumulate despite the increase in the asset’s price.
-Moreover, an all-time high of over $42,000 could propel BTC’s price to $50,000.
Bitcoin’s (BTC) price broke the crucial level at $35,000 and continued its run over $40,000, just days after MicroStrategy’s pitched Bitcoin to over 1,400 firms.
Bitcoin Reached Over $40K
The price of Bitcoin (BTC) is showing signs of a new rally. As it breaks the $40,000 resistance. Moreover, BTC is preparing for another run to its all-time high at $42,000 as the crypto market turns cautiously bullish.
In addition, the Bitcoin rally happened after MicroStrategy’s pitched Bitcoin to over 1,400 firms. More so, MicroStrategy is a $6.37-billion business firm that had meetings with public firms. In order to talk about Bitcoin and its merit as a store of value.
According to CoinGecko, the BTC price is at $40,398 with a 24-hour trading volume of over $75.04 billion, at the time of writing.
BTC/USDT Price Chart 1-Month (Source: TradingView)
One positive on-chain data point that increases the possibility of a Bitcoin breakout is the increase of whale addresses. Analysts at Santiment said that BTC whales have continued to accumulate despite the increase in the asset’s price.
Furthermore, Bitcoin saw the same scenario play out in December 2020. When it struggled to break out of $30,000. As soon as it did, it saw a rather fast move to its $42,000 all-time high. Even more, an apparent breakout above the all-time high of over $42,000 could propel BTC’s price to $50,000.