How does Bitcoin’s recovery influence the market? – Jornal Accounting Network

Bitcoin has returned to levels above US$40,000, a value that was last traded on June 14, according to data from Trading View.

With the falls suffered since May, driven mainly by Elon Musk’s statements and China’s sanctions, the asset returns to gain a new upward bias.

The first half was marked by a big fluctuation in the crypto market, in which Bitcoin reached its highest price, reaching above US$ 60 thousand in April, but then went through several falls that made it worth less than US$ 30 thousand.

According to Wilton Gomes, financial operations analyst at BlueBenx – the first blockchain bank in Brazil -, the current period is a great test of the asset to assess its stability.

“In the macro analysis, Bitcoin is still in the consolidation phase between US$ 28 thousand and US$ 40 thousand. When he hits $40,000, he still encounters resistance”, explains.

For the asset to return to value and reach its record again, the specialist also points out the need for stability and the influence of positive factors in the market.

“We expect an evolution of the asset to occur, but for that to happen, it needs to remain above the value of US$ 40 thousand. If that happens, we will have huge expectations that it will return to around US$ 50,000 and maybe even US$ 60,000, if positive factors occur in this interval, such as the recent statements by the CEO of Tesla who returned to support the asset, for example”, complete.

Considering the first half of 2021 compared to 2020, Wilton recalls that the asset has already gone through a turbulent period right after the beginning of the pandemic last year and yet it proved resilient, proving its consolidation.

“In the first half of 2020, the BTC started with US$7,195, peaked at US$10,500, valuing +45.93%. Afterwards, it lowered at U$3,782, correcting -63.98% in relation to the high of the period and closed the semester at U$9,138, with an increase of +27.00%. In 2021, it started with US$28,923, peaked at US$64,854, valuing +124.23%, lowered at US$28,805, corrected -55.58% and closed the semester at US$35,045, with an increase of +21.17%. If you look at it, there was an evolution from one year to the next and this movement may continue the same in the coming months”, points out Gomes.

Another factor that is also essential for the analyst as proof of future appreciation and asset consolidation is the concentration on the part of institutional investors.

“In the first half of 2021, the active crypto that had the most support from large investors was Bitcoin. These investors, who are also known as whales in the crypto universe, tend to keep the cryptocurrency in their portfolios for a long time”, ends.

About BlueBenx

BlueBenx is a Blockchain Bank, a fintech that is building the investment bank of the future, which combines the functionalities of a digital bank with blockchain decentralization in a secure and innovative application. fintech has offices in the United States, Portugal and Estonia, and since 2017 it has been working to develop technological solutions capable of making the cryptocurrency market more accessible and uncomplicated for interested people.