After the latest Xi’pump, could Bitcoin’s price post further gains and capitalize further in the upcoming period? Let’s see if we can find out in the Bitcoin news now.
In the other notable news, we saw that the world’s most profitable company is going public and it could be the biggest ever IPO. Also, the oil giant Saudi Aramco posted an H1 profit of more than $46.9 billion for this year compared to Apple’s $21.6 billion in the same timeframe. However, the investments’ returns compared to bitcoin are looking pale.
After last week’s Xi-pump, the analysts wonder could bitcoin’s price post further gains since it initially seemed that this could happen. On Sunday, there was another pump that took the price over $9,500 and one analyst even noted that it would only take up to 9 days of 20 percent gains for bitcoin to reach $50K.
The analysts were creating these bullish price predictions including the one which had BTC reaching for the millions but was over a decade away. The more reasonable target seems to be the $20K by the end of this year. Tom Lee, the Fundstrat founder, declared that interim risk-off is ending and the bull market is resuming. However, it turned out that Bitcoin had other ideas and crashed back downwards through the support level of $9K.
Binance’s CEO Changpeng Zhao said that the bitcoin price will reach up to $16K soon but this won’t be soon enough to prove the prediction as he is seemingly wrong. After the President of China called for accelerated blockchain adoption in the country, China saw major developments. The bitcoin price pumped and there was another spur on the market. Commentators claimed that the Chinese FOMO is much bigger than Libra, ETFs and Bakkt itself combined.
The Chinese merchant bank even invested in a local bitcoin wallet platform and some felt that the Chinese FOMO would case more FOMO in the American government and that Mark Zuckerberg owes Xi a huge thank you. Also, China proposed a central bank digital currency and they aim to launch it sooner than we think. According to Max Keiser, this new currency will be gold-backed and could pose a threat to the US dollar.
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