Bitcoin appears to be making a strong rise above $44,000 as the crypto industry reclaims $2 trillion. Bitcoin is currently trading at $44,238 with a market capitalization of $836 billion, up 3.33 percent as of press time.
The most crucial fact is that Bitcoin has closed above its 50-day moving average of $42,500 on a daily basis. Popular crypto market researcher Lark Davis anticipates a possible new all-time high in March 2022, based on past tendencies.
“The last two times we crossed over this line, BTC rose by 54 percent and 47 percent,” Davis said. If history repeats itself, BTC might rise into the $60k region in the coming weeks.” He went on to say:
“The last two 50 day MA breakouts lasted 40 and 46 days until we saw peaks form for the price of #bitcoin. So new high for BTC late March? BTW the break 50 DMA break out in 2020 lasted 180 days. Food for thought.”
Bitcoin continues to attract a large amount of institutional capital. During this correction, major market players such as MicroStrategy and El Salvador have been stockpiling BTC.
On Monday, February 7, KPMG Canada made another major statement, announcing that Bitcoin and Ethereum will be added to their balance sheet. This is likely the first major business announcement for Bitcoin investments in 2022. We anticipate that more businesses will invest in Bitcoin this year.
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