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Home Prices and Markets

Is $70k in sight for Bitcoin?

The cryptocurrency could reach new heights on the back of a Deutsche Bank report and moves by Tesla.

Jack Peat by Jack Peat
2021-03-24 11:40
in Prices and Markets
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Signs that Bitcoin could smash through the $70,000 mark have surfaced just weeks after the cryptocurrency recorded its $61,800 all-time high.

Trendlines suggest that BTC has bounced off the lower marker and looks likely to meet the upper trend line at around $72,000 after a slightly subdued period.

Attempts to climb above the $60,000 mark have been met with resistance recently with the crypto taking a nosedive to as low as $53,500 at the start of the week.

But an impending surge could be on the cards pushing Bitcoin to new heights.

There are a number of factors underscoring a fresh rise in the price.

This week a report by Deutsche Bank made headlines throughout the cryptocurrency world as it said Bitcoin is now “too important to ignore” given its $1 trillion market capitalisation.

The report suggested BTC’s price could keep on rising as long as it kept on attracting asset managers and companies.

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Elon Musk also announced that Tesla customers can now buy their car with Bitcoin.

The manufacturer invested heavily in the digital currency in February, buying $1.5 billion-worth in total.

Related: PM says UK vaccine success down to “capitalism” and “greed”

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