Bitcoin Breaks Above $50,000 Causing a Downtrend

Bitcoin finally breaks above $50,000 after so many speculations and analyses. This psychological milestone was hit after MicroStrategy announced it will buy another $600 million worth of BTC. However, this all-time-high was for a short time as Bitcoin battles the influence of bears and bulls.

Meanwhile, MicroStrategy is one of the largest companies holding Bitcoin. The company recently organized a dedicated summit that attracted over 8, 000 executives. As an institutional investor, MicroStrategy is in control of over 70,000 BTC. With this new purchase, the company now holds over $4 billion in Bitcoin investment.

Bitcoin Breaks Above $50,000

MicroStrategy’s recent moves can be credited for this pump in Bitcoin price. Of course, some other factors contribute to the new high Bitcoin has broken. These factors include:

  • Tesla purchasing $1.5 billion worth of Bitcoin
  • Rumors of Morgan Stanley buying into Bitcoin
  • The US government’s upcoming $1.9 trillion stimulus

Meanwhile, as Bitcoin breaks above $50,000, there have been further speculations for this year. Many enthusiasts have said this is just the beginning as BTC will reach $100,000 in 2021. This new spike in Bitcoin has caused a dump in the price of altcoins. However, as Bitcoin continues to consolidate, alts will soon regain strength and the market will become stable.

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