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Explained: Bitcoin hits 3-month high; where is it headed to?

Explained: Bitcoin hits 3-month high; where is it headed to?

Explained: Bitcoin hits 3-month high; where is it headed to?
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By CNBCTV18.com Mar 28, 2022 6:44:31 PM IST (Published)

On Monday, all major digital tokens, barring stablecoins, were flying high, boosting the morale of investors. Bitcoin hit a 3-month high, Dogecoin gained over 8 percent, while Avalanche rose 6 percent. Shiba Inu and Ethereum each jumped 5 percent. 

The world’s most popular cryptocurrency Bitcoin hit a three-month high on Monday when it touched $47,524, CoinDesk data revealed.

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Cryptocurrencies have rallied in the recent past amidst the ongoing Russia-Ukraine war, with Bitcoin falling below the $35,000 mark at the beginning of the year.


On Monday, all major digital tokens, barring stablecoins, were flying high, boosting the morale of investors. Dogecoin gained over 8 percent, while Avalanche rose 6 percent. Shiba Inu and Ethereum each jumped 5 percent.

Why is Bitcoin rising?

At 3:50 pm IST, Bitcoin price stood at $47,140.43, up 5.82 percent in the last 24 hours, according to data from global crypto tracking website CoinMarketCap. In the last seven days, Bitcoin prices have jumped by as much as 14.06 percent, the website showed.

The current momentum is attributed to the massive Bitcoin purchased by Luna Foundation Guard, which plans to create a Bitcoin reserve worth $3 billion, Coindesk reported quoting a note by Singapore's QCP Capital. The fund also pointed at a broader rally in global asset prices for the "bullish momentum", saying it is likely to continue in the near term.

Where is Bitcoin headed to?
Bitcoin, which faced some resistance at $45,500, has managed to beat the key level, News18 quoted ZebPay Trade Desk as saying. If the cryptocurrency sustains and closes above the $45,500-mark, prices can be expected to further rally up to $50,000 to $52,500, it said.


Echoing the same thought, Darshan Bathija, co-founder and CEO of Vauld, said most derivative data suggests that Bitcoin call options are placed at the $50,000 strike price.

“This suggests that a lot of people are comfortable buying Bitcoin at the $50,000 mark, so there is more room for prices to move up in the near term," Bathija said.

An earlier report by Time had shown many crypto experts predicting that Bitcoin price moving beyond $100,000.

“The most knowledgeable educators in the space are predicting $100,000 Bitcoin in Q1 2022 or sooner,” Time quoted Kate Waltman, a New York-based certified public accountant, as saying in November 2021.



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