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- Bitcoin price breached $51k for the first time since the mid-May crash this week
- A country like El Salvador is hodling 550 BTC in its treasury
- Several Bitcoinerswere found chanting the mantra “Buy the rumor, sell the news”
- Until Friday, BTC dipped several times below $45k
- Many are still skeptical whether such sudden plunges were coordinated efforts or just normal market correction that occurred due to immense explosions
- Standard Chartered and Bloomberg predicted a $100k+ target for Bitcoin price shortly
Bitcoin price has remained volatile but witnessed some significant improvements over recent months. Last week, a series of events were noted in the BTC market. One of the most significant events of last week took place with El Salvador’s adoption. Moreover, global behemoths in the regions began to accept the coins as payments. Despite being what can only be contemplated, all was not well this week. The BTC market saw a dramatic tumble which may be considered a coordinated effort to undermine the currency.
Bitcoin price saw a historical bullish week
Earlier this week, BTC began with what many hoped would be a bullish week. Bitcoin price breached $51k for the first time since the mid-May crash. While making the crypto coin legal in the country El Salvador’s president Nayib Bukele acquired 200 BTC. It was exciting that on the day banks and markets in the US were closed due to Labor Day, but BTC never closes.
Later, Bill Miller, a famed investor, heralded the leading cryptocurrency as an alternative to investing in traditional Gold. He also highlighted that the BTC world is still in its early stage and its potential value is incredible.
Most significantly, earlier this year, local businesses in El Salvador were observed accepting BTC payments. Such businesses include the fast-food giant McDonald’s and the global coffee giant Starbucks.
El Salvador acquire some sats following dips
Following the bullish news, Bitcoin price breached $52k, and the scenario appeared balanced for a decent rally. However, the market seemed to have other plans, and it tumbled by about 17% to just under $43k. Notably, El Salvador was found purchasing the dip and acquired more than 150 BTC. The scenario was a great milestone of BTC adoption history, as a country is hodling 550 BTC in its treasury.
Besides bullish events, BTC faced a tiny bearish hit
Although the price of BTC surpassed the benchmark level of $52k, it faced several turbulence. Notably, until Friday, BTC dipped several times below $45k. The dip followed the speech of Dmitry Peskov, the acting press secretary of President Vladimir Putin. While speaking of Friday, Peskov cited that Russia has no reason to recognize BTC and the president is unconvinced that adopting BTC would bring any benefits to the Russian Federation. Although the statement wasn’t overly bearish, it was still not entirely bullish.
Will El Salvador’ adoption send the coin to $100k?
The entire nation is now hodling BTC in its treasury. Indeed, many are still skeptical whether such sudden plunges were coordinated efforts or just normal market correction that occurred due to immense explosions. Following such a scenario, several Bitcoinerswere found chanting the mantra “Buy the rumor, sell the news”. This exactly appeared to be what happened.
On the other hand, Standard Chartered and Bloomberg predicted a $100k+ target for Bitcoin price shortly. However, we should take a micro outlook instead of worrying over the weekly analysis. Indeed, BTC is still left with enormous room for growth and there is still a chance for six figures soon. Following the scenario, despite some headwinds, BTC is groomed for a decent tide as 2021 comes to an end.
