Bitcoin Weekly Forecast: BItcoin’s next target is $70,000
Weekly key points:
- India new proposing law to ban all cryptocurrencies
- Morgan Stanley is the biggest U.S. Bank to offer Bitcoin to clients
- Bitcoin price reached a new historical high surpassing $61,000
Bitcoin had a great rally this week reaching a new historical high at over $61,000 helped by the U.S. dollar’s weakening after the Federal Reserve ‘s FOMC statement.A corection started droping it’s price to $56,000 at the moment of writing, but the daily trend is still bullish with it’s next target to over $70,000
Bitcoin keeps getting attention from big players as there are more and more big investors in the cryptocurrency
- Morgan Stanley which is one of the biggest U.S. banks is now also the first major U.S. Bank to offer it’s wealthy clients acces to buy Bitcoin.Morgan Stanley will launch access to three funds that will enable it’s clients to own Bitcoin.
For now, the bank is only allowing it’s bigger clients to access the volatile asset, considering that it’s only suitable for people who have at least $2 million in assets held by the firm.Companies would need at least $5 million at the bank in order to be able to access the funds.
- One of the funds offered by Morgan Stanley bank is a bitcoin company NYDIG, while the other two funds offered are from Galaxy Digital, a cryptocurrency firm founded by Mike Novogratz
This started to be a trend as other major banks are starting to show their interest into bitcoin and other digital coins.The Deutsche Bank is hoping that governments will start regulating Bitcoin by end of this year.The bank believes that as long as other companies continue to enter the crypto market, Bitcoin price will continue to rise.
The first bitcoin ETF has now more than $500 million in assets under management after being launched just one week ago.In the pas few years, there have been other attempts by several U.S companies to open a Bitcoin ETFs but they all failed before because of regulations.
Once again there are rumors from India to ban cryptocurrencies but the ban is now less likely to happen because regulators started to step in.
Bitcoin is facing the daily resistance ahead but a break above the previous historical high($61,800$) could cause move buyers to step in further driving Bitcoin to the next psyhological level of $70,000.
The bullish trend of Bitcoin price has been extremely profitable for all those which have been long on the asset, taking a lot of profit in the past three months. The number of big whales holding more than 10,000 BTC had a significant drop in the last month from 97 to currenctly 89, meaning that there are a lot more small investors holding between 1,000 and 10,000 Bitcoins