Bitcoin, the first and most renowned cryptocurrency, has once again defied expectations by breaking beyond the $30,000 barrier, leaving investors and market analysts alike wondering where it will go next.
This astonishing milestone illustrates digital currencies’ growing acceptance and widespread adoption, as well as their potential to undermine established financial systems. As the hype surrounding Bitcoin’s stratospheric climb grows, market participants speculate on its future trajectory and the next price objective in the ever-changing environment of cryptocurrency investments.
Michael Saylor, the founder and executive chairman of MicroStrategy, a major business analytics firm, has been an outspoken supporter of Bitcoin, urging businesses to embrace it as a strategic asset. MicroStrategy had acquired 140,000 BTC with a total investment of $4.17 billion as of April 5, 2023, demonstrating its devotion to the digital currency.
MicroStrategy has earned huge gains on its investment following the recent spike in Bitcoin’s price, with an approximate average purchase price of $29,803 per Bitcoin. This highlights the potential advantages of adopting cryptocurrency into business finance plans.
Despite the ongoing crypto bear market, MicroStrategy has steadily increased its Bitcoin holdings since its initial purchase in August 2020. The company’s persistent commitment to the digital currency demonstrates its belief in Bitcoin’s long-term viability.
Bitcoin’s price surged significantly, breaking through the $28,800 resistance level. BTC gained more than 6.5%, with the potential to soar above the $30,500 resistance level. Above the $28,000 mark, a firm support base was established, clearing the way for Bitcoin’s spectacular growth and potential to breach the critical $28,800 resistance zone.
Furthermore, a break above a bullish continuation pattern with resistance near $28,900 on the BTC/USD hourly chart encouraged a prolonged higher trend beyond the $29,200 resistance zone.
A decisive break above the $30,500 resistance might send the price considerably higher, possibly reaching the $31,200 level, with the next important resistance around the $32,000 mark.
However, a downward correction may occur if Bitcoin’s price fails to break through the $30,500 barrier. On the downside, immediate support is near the $30,000 level, with strong support around the $29,200 zone and the 50% Fibonacci retracement level of the recent advance from the $28,200 swing low to the $30,431 high.
A break and close below the $29,200 support level might bring the price back toward $28,800, and further losses could force a drop to the $28,000 support level.
