Bitcoin had reached $39,900 overnight after starting a bullish move from $34,500. This sudden rise in BTC’s price is certainly not by chance. There are very explicit factors supporting this observed ride in the market’s leading crypto. However, the fundamental question to ask: Is this the beginning of a new BTC bull run?
Last Tuesday, Bitcoin had dropped below $30K. The threat of a return to $20K was palpable. Moreover, the experts at JP Morgan had revised their forecast of a Bitcoin at 144,000 by the end of the year and fear in the very short term, a fall to $ 20K.
But, the “B World” event between Elon Musk, Cathie Wood and Jack Dorsey joined with the Amazon rumor seem to have caused an inflection of the BTC downtrend. The speakers all made the case for Bitcoin. Tesla’s boss said that his company might reconsider last May’s decision and accept Bitcoin again.
The Amazon rumor: The X-factor in this Bitcoin uptrend
The “B World” conference that took place last Wednesday was mentioned as a bullish factor. But in reality, the big leap in Bitcoin’s price came over the weekend after the Amazon rumor. In fact, a British newspaper, City AM reported that an unnamed Amazon source said that the company plans to accept Bitcoin on its market place before launching its own cryptocurrency in 2022.
This rumor has its merits when you consider that the e-commerce giant had posted a job opening to recruit a digital currency and blockchain expert. The company of the world’s richest man dropped this statement after the offer:
‘We’re inspired by the innovation happening in crypto-currencies, and we’re looking at what that might look like on Amazon.
Should the Amazon rumor be confirmed by company officials, it could, according to crypto analysts, have the same effect Paypal had on the Bitcoin price last October.
The “B World” conference: Demystifying the taboos!
This summit meeting was conducted with the aim of demystifying the taboos of Bitcoin. It was a time for its pro-cryptos to tell the public about their true intentions in the crytosphere. The event seems to have carried a wave of optimism after two months in absolute uncertainty.
For Elon Musk, there is talk of revisiting his decision to ban bitcoin payments from Tesla cars. He also reiterated the fact that Tesla and SpaceX had no plans to sell their bitcoins. Among other things, decrypt.co revealed in an editorial that Musk also made it known that he had bought some Ether and would be a big fan of DeFi. Cathie Wood said that art Investment bought shares of Grayscale Bitcoin Trust during the event.
The event wouldn’t have had an immediate effect on the BTC price, but it was one component of the dynamite that blew up the price of the premier crypto.
Bitcoin price: closer to $60K than $20K
Last week, well before this bullish move, an expert from Bloomberg, said that Bitcoin was more likely to climb back towards the $60K mark instead of sinking below $20K. He compared Bitcoin’s current situation to 2018 when the cryptocurrency’s price fell by 80% after a rise towards $4000. Shortly after the crash, BTC would begin a rally towards $14K that extended into 2019.
He added in his analysis thread:
More tactical trading oriented bears seem to proliferate when bitcoin holds at around 30% below its 20-week moving average, giving the buy and hold types time to accumulate.”