Bitcoin (BTC) trading price has reached nearly $55,000 amid positive sentiment in the cryptocurrency market, but analysts warn of a significant potential correction.
The current trading price of Bitcoin (BTC) is $54,452 and the price is up 5.27% in the last 24 hours.
Several factors are behind the sudden rise in trading prices for almost all major cryptocurrency assets.
Recently, Bitcoin bullish firm Microstrategy revealed in a filing that it had purchased 3,000 BTC. The company now holds a total of 193,000 BTC at an average price of $31,544.
So here we can say that Microstrategy is achieving a 75% profit, which equates to a profit of over $4.5 billion at the current trading price of Bitcoin.
Notably, Microstrategy purchased Bitcoin at a trading price of $51,813, which was significantly higher than the company’s average Bitcoin purchase price. This factor has attracted the attention of large investors. The majority of Bitcoin investors believe that a major bull market is very close, which is why Microstrategy is blindly buying Bitcoin at high prices.
Cryptocurrency analysts believe that Bitcoin’s trading price will not stop here. Bitcoin is expected to reach the $61,000 level in the coming weeks.
The current highest buying support level is $47.4k, which is the lowest trading price we could be in in a worst-case scenario if the market crashes.
Amid this Bitcoin rally, the trading prices of most cryptocurrency assets are soaring. The trading price of Ethereum, the leading smart contract cryptocurrency blockchain, is $3,177.
Also Read: Crypto giant Reddit and blockchain leader Google team up for AI education