Bitcoin is once again in the spotlight, witnessing an impressive surge of over 11% in the past week. This excitement is fueled by the launch of EDX, a new digital exchange, and the increasing institutional interest in cryptocurrencies, creating a favorable environment for Bitcoin’s growth.
Prominent investor, Cathie Wood, has also shared her optimistic views, believing that Bitcoin can reach a staggering $1 million. Additionally, she expresses confidence in Coinbase, a leading cryptocurrency exchange, further underscoring the industry’s positive sentiment.
With all these factors in play and such remarkable price movement, one might wonder whether we are on track to reach the significant milestone of $30,000.
The successful launch of EDX Markets’ digital asset market, and the completion of an investment round with new equity partners have boosted Bitcoin’s momentum. The exchange now enables the trading of popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). Notable investors in EDX include Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial.
Institutions are recognizing the potential of digital assets, further solidifying Bitcoin’s position as a valuable investment. Cathie Wood predicts a $1 million price target for Bitcoin and supports Coinbase stock. Wood explained that she believes SEC enforcement actions will position Coinbase as the leading bitcoin exchange in the United States, assuming Coinbase emerges victorious from its legal battles with the SEC.
Wood emphasized the distinction between Coinbase and Binance lawsuits, stating that Binance may be dealing with more severe allegations. While the SEC has filed suits against both exchanges for trading unregistered securities, the recent civil enforcement case against Binance CEO Changpeng Zhao suggests additional violations of regulatory body rules.
The BTC/USD pair is currently experiencing a remarkable bullish trend, successfully breaching the resistance level at $27,000 and targeting $28,300. The prospect of reaching the significant milestone of $30,000 is within sight, supported by favorable technical indicators and the successful surpassing of the 50-day Exponential Moving Average (EMA).
While a minor correction to the $28,300 level cannot be ruled out, maintaining a position above this crucial level could create favorable conditions for further upward movement. If Bitcoin breaks through the $30,000 mark, it will set the stage for a potential upward push toward the next resistance level at $30,900.
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Source: Cryptonews
