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How High Can Bitcoin Price Go? Corporate Giants Fuel BTC’s 2024 Year-End Rally
The cryptocurrency market is witnessing a remarkable surge in the value of Bitcoin, with the price currently trading at $106,677. This upward momentum rally is fueled by the growing institutional adoption of Bitcoin, further solidifying its position as a store of value.
According to CoinGecko Data, the BTC market cap now stands at an impressive $2.11 Trillion, accompanied by a 24-hour trading volume of $99.6 Billion.
Recent Developments:
Three major public companies have recently acquired substantial amounts of Bitcoin, reinforcing institutional confidence in the digital asset’s potential for future growth. Semler Scientific purchased 211 BTC worth $21.5 million, demonstrating its long-term commitment to Bitcoin. MicroStrategy, a leader in corporate Bitcoin strategy, made headlines with an enormous purchase of 15,350 BTC for approximately $1.5 billion, bringing its total holdings to an impressive 439,000 BTC valued at $27.1 billion. Riot Platforms, a prominent Bitcoin mining company, revealed the acquisition of 667 BTC for $67.5 million, further strengthening its position within the Bitcoin ecosystem.
These active accumulation purchases from whale/institutional investors despite already reaching a new high in BTC price signal strong confidence among big players in a prolonged rally for the asset.
Key Levels to Watch as BTC Prolongs its Price Discovery Rally
Since mid-November, the Bitcoin price has demonstrated a slow yet sustained rally within the formation of a rising channel pattern. In the 4-hour chart, the coin price continues to resonate within two ascending trendlines acting as dynamic resistance and support. With an intraday gain of 2.5%, the coin price currently challenges the pattern’s overhead trendline.
Source: http://www.cryptonewsz.com
