- Bitcoin has seen some wild price action throughout the past couple of days, with bulls driving the crypto higher and putting a firm end to its recent consolidation phase
- This has allowed the benchmark cryptocurrency to cross the $1 trillion market cap milestone
- It is now one of the largest currencies in the world by market cap and ranks high when stacked against the market caps of the world’s largest companies
- The crypto is showing no signs of slowing down, with institutional TWAP orders creating a premium for spot BTC
- This means that large buyers are likely behind this move, which comes just days after BTC saw multiple selloffs that flushed out over-leveraged traders
Bitcoin and the entire cryptocurrency market have been growing in strength throughout the past few days and weeks, with buyers taking firm control of BTC as they send it to new all-time highs.
The crypto crossed the $1 trillion market cap milestone today, a monumental event that highlights just how far the crypto has come throughout the past few years.
One trader is now eyeing even further near-term upside, explaining that the next target for him sits somewhere within the lower-$60,000 region.
Bitcoin Shows Signs of Strength as It Crosses $1 Trillion Market Cap
At the time of writing, Bitcoin is trading up 6% at its current price of $54,700. This marks a massive surge from its recent lows of $50,800 that were set yesterday evening.
The entire market is showing some immense signs of strength at the moment, except for DeFi altcoins which have been sliding lower as investors rush to gain exposure to Ethereum.
MicroStrategy completed their convertible note offering, which means that a billion dollars is about to be injected into BTC. This could be the source of the recent runup.
Analyst: BTC Likely to Surge Higher Before Facing Key Resistance
Because large buyers are aggressively bidding Bitcoin at the moment, it is unlikely that any retrace will be too significant in the short-term.
This may be why one analyst expects significantly further near-term upside for BTC, eyeing a move to the $60,000 region next.
“This is beautiful,” he concisely noted while pointing to the below chart, highlighting his upside target.
Image Courtesy of Mac. Source: BTCUSD on TradingView.
The coming few days should provide some insight into where the market will trend in the mid-term.
Featured image from Unsplash.
Charts from TradingView.