Bitcoin (BTC) continues to make headlines in the crypto space. Crypto critics predicted a BTC price crash after Tesla stopped accepting Bitcoin as payment for its vehicles in May. Meanwhile, blockchain companies predict the opposite. And with Bitcoin’s recent dramatic price hikes following 2020’s record-breaking figures, it is almost certain that BTC is on its way to reach greater heights in the next few weeks.
BTC Trades Go Over the $39,500 Mark
News from cryptocurrency websites show that Bitcoin has recovered from its recent plunges. In fact, in late July, BTC prices grew by 10% in the span of two days. A week before that, the digital currency hiked up by 20%, and Ethereum was quick to follow with a 22% increase. Experts predict this upward trend will continue.
And the reason behind these increases? A rumour.
An anonymous Amazon insider revealed that the tech titan has plans to add Bitcoin to its payment options. It was enough to cause price surges on the market. And that was before the e-commerce giant confirmed the development. After which market influencers like Elon Musk became vocal about their support for blockchain technology.
Bitcoin Chart Shows Patterns of Bull Market Entry
The current BTC chart shares the patterns of a previous bull market entry, according to Cryptoquant. The on-coin data provider observed that the developments resemble those that happened in 2017 and 2021.
The theory is holding after the cryptocurrency went through a dramatic hike on July 26 when it gained more than 15% in three hours. Its price skyrocketed to $39,723 from $34K. The rally is the result of sentiment turned bullish when the BTC prices dipped below $30K support due to a market sell-off. And the price leap set off a resurgence in the crypto market, which mirrors previous bull market entries.
BTC Prices Can Reach $80K in the Next 60 Days
Many digital asset management experts agree with the bull market theory. And they conclude that huge returns await those who invest in BTC today.
After all, previous patterns show that significant leaps follow BTC price surges. Prices can reach well over $80K within two months, especially with major industry players adopting the digital currency.
For instance, Visa has partnered with more than 50 blockchain companies to help its clients convert and spend cryptocurrencies. Pavilions Hotels & Resorts announced that it accepts cryptocurrencies for bookings, and several Sotheby auctions welcomed Bitcoin and Ether payments.
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