Bitcoin price sprints to new 2021 highs, BTC / USD bulls target $ 94,000
Bitcoin it is at historic levels. The trading over $ 62k, rising to over $ 64.8k on April 14, is a testimonial demonstrating how cryptocurrencies and blockchain have taken hold in financial systems. Bitcoin is an alternative to both gold and fiat.
At the launch, its creator said that BTC would be native to the internet, relying on the distribution that gives the currency censorship.
Bitcoin has been winning on both of these fronts.
On the one hand, BTC is being accepted by many companies. After investing $ 1.5 billion in the digital asset to maximize performance, Tesla also accepts BTC as a means of payment. Soon after, a leading US real estate firm, founded by billionaire Caruso, began accepting BTC as money.
On the other hand, Bitcoin's market capitalization would soon unseat gold, according to the CEO of Goldman Sachs.
Insurance firm AXA now accepts Bitcoin
Following this trend, a Swiss insurance company, AXA, has started accepting BTC How paid. In this arrangement, all of your private clients can pay using BTC for all non-life insurance products.
Claudia Bienentreu, who is its head of innovation, said this is a response to growing customer demand for alternative payment methods.
Still, they won't hold BTC directly on their balance sheets. Instead, the funds will go directly to Bitcoin Suisse, a crypto broker, which will convert BTC to CHF.
At the same time, while BTC is holding firm above $ 62k, whales are building their long positions for the first time since BTC surpassed $ 12k.
Bitcoin price analysis
Bitcoin price is firmly in an uptrend, topping the highs of the first quarter of 2021 and is likely to add to its longs as we move forward.
As of writing on April 15, the most valuable coin of the world is around the highs of the first quarter of 2021, adding 5 percent to date. Although the trading volumes are considerably lower, paling in comparison to those that pushed the price of BTC / USD above $ 40k in February, traders are bullish.
A close above the April 13 highs could cause BTC gains to spread, a reason for traders to double down and buy the dips.
In a bullish breakout pattern, albeit currently lighter trading volumes, the first bullish target is $ 94k, the 1.618 Fibonacci extension level of the Q1 2021 trading range.
On the flip side, the steep losses that triggered the April 13 gains, which forced prices below $ 60k, pour cold water on the bulls' outlook. Subsequently, it would form the ground for a correction to $ 55k and then $ 50k.
Chart courtesy of Trading View
Disclosure: Opinions expressed are not investment advice. Do your research.