Bitcoin (BTC) may have seen the brakes hit on its upwards momentum as it struggles to cross again the psychological $60,000 mark, but continued upside may take it to $75,000 levels, according to one analyst.
What Happened: The apex cryptocurrency traded 1.98% higher at $59,047.01 at press time on Tuesday. BTC has run up 102.57% since the year began.
The gains in BTC have paled in comparison with Ethereum (ETH), which has returned 186.72% in the same period.
ETH traded 4.28% higher at $2,135.69 at press time. The second-largest cryptocurrency by market capitalization has jumped 18.02% in a seven-day trailing period.
According to Edward Moya, a senior market analyst at foreign exchange broker Oanda, we are in a “wait-and-see mode” in what appears to be a period of healthy consolidation for BTC, CoinDesk reported.
Moya reportedly said that the focus has shifted to institutional players with deep pockets, which could support Bitcoin’s next rally above 60,000 levels.
“Consensus is, a break above $60,000 is not a matter of if, but when. Next barrier is at $75,000,” according to Moya.
Why It Matters: On Monday, MicroStrategy Incorporated (NASDAQ:MSTR) purchased 253 BTC for $15 million in cash at the average price of $59,339 per BTC, the company said in a filing with the U.S. Securities and Exchange Commission.
The Michael Saylor-led company holds approximately 91,579 BTC, purchased at an average price of $24,311 per BTC, as of Monday. These were acquired at an aggregate purchase price of $2.226 billion.
Last month, MicroStrategy had purchased $15 million worth of BTC as well.
“Retail traders are probably bidding up altcoins after missing the big move in bitcoin,” said Moya, reported CoinDesk.
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