Here’s Why the Bitcoin Price Is Rising Today
The Bitcoin price is up 3.5% in the past 24 hours while its gain widens to 5.4% over the past seven-day stretch, according to CoinMarketCap data. Bitcoin’s gains come alongside a rally in the stock market that is being fueled by tariff relief. Next Bitcoin Bull Market? Bitcoin bull Michael Saylor, who has a reputation […] The post Here’s Why the Bitcoin Price Is Rising Today appeared first on 24/7 Wall St..
The Bitcoin price is up 3.5% in the past 24 hours while its gain widens to 5.4% over the past seven-day stretch, according to CoinMarketCap data. Bitcoin’s gains come alongside a rally in the stock market that is being fueled by tariff relief.
Key Points
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The Bitcoin price is declining fractionally in the last hour but is up over 5% in the past week.
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Cryptocurrencies aren’t rallying alongside the stock market, choosing instead to go their own way.
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Next Bitcoin Bull Market?
Bitcoin bull Michael Saylor, who has a reputation for betting the farm on BTC, is at it again. MicroStrategy (Nasdaq: MSTR), the company founded by Saylor, has added another nearly 7,000 Bitcoins to its balance sheet in a transaction valued at $584 million. MicroStrategy, which used the funds from selling common stock to add more BTC, paid an average of $84,000 and change for each Bitcoin, slightly above its long-term average of just over $66,000 per coin. The latest buying spree catapults the company’s Bitcoin tally to over a massive 500,000. MicroStrategy stock is rallying 7% despite BTC’s refusal to participate.
Saylor is convinced that the BTC bulls are about to dig in their heels, posting on X that “the next Bitcoin bull market is about to begin.” He is predicting that the BTC price will soar to $444,000 by year-end, one of the more bullish forecasts out there. He appears to be basing his forecast on the past performance of Bitcoin around the halving cycles, the last one of which occurred last year. Once the BTC price reaches its next peak, it will then fall back into yet another bear market cycle, per Saylor.
On-Chain Analytics
In another bullish sign, ByteTree reported that last week, they observed inflows into Bitcoin ETFs, a reversal from a trend that’s been in place since February. Most of these inflows represented what it called “new money,” stating, “We believe that the next driver will be technology investors seeking diversification. That is why this chart showing BTC in Nasdaq is so important, as normally when tech turns down, Bitcoin slumps. Not this time, which is a very positive sign.”
Now What?
If the tea leaves are right, the Bitcoin bulls could potentially just be preparing to unleash their next big move. But if there’s one thing that the Bitcoin price has proven over the years is that it can’t be tamed. Either way, investors might want to buckle up for what is sure to be an exciting ride.
The post Here’s Why the Bitcoin Price Is Rising Today appeared first on 24/7 Wall St..
