Financial market forecasts are the private opinions of their authors. The current analysis is not intended to be a guide to trading. Cryplogger is not responsible for the results of work that may arise when using trading recommendations from the presented reviews.
The main reason for the rise in the bitcoin rate to $ 63,000 was the growing demand from institutional investors. Yuri Mazur, head of the data analysis department of the crypto broker CEX.IO Broker, stated this in a comment for Cryplogger.
He recalled that on April 8, insurance companies Liberty Mutual and Starr Insurance invested $ 100 million in the New York Digital Investment Group (NYDIG) investment fund. In March, the platform received a total of $ 200 million from financial giants MassMutual, Morgan Stanley and other investors.
On April 9, US-based alternative investment management company Millennium, with a capital of $ 48 billion, also invested in bitcoin through the Grayscale Bitcoin Trust. The amount of the investment was not disclosed, but the very fact of the transaction became a significant incentive for the growth of the bitcoin rate, the analyst said.
“The technical factor was the converging triangle on the daily timeframe, the formation of which began on March 14th. The gradual reduction in the BTC / USD trading range led to increased pressure from buyers on the upper boundary of the pattern around $ 59,950, ”he said.
CEX.IO expects bitcoin to continue to rise to $ 66,360 during April.
“This will be the 3.618 Fibonacci retracement level for the weekly timeframe. Consolidation should be expected at this level, ”added Yuriy Mazur.
In the context of Ethereum, we should expect continued growth to $ 2342 in the medium term.
“This mark is the 1.618 Fibonacci level on the weekly timeframe. Bitcoin and the dynamics of the DeFi market will have a significant impact on the market dynamics of ETH / USD, ”the expert said.
Recall that at the end of March, senior strategist of Bloomberg Intelligence for exchange commodities Mike McGlone announced the transformation of bitcoin into a reserve asset with low risks and predicted its growth to $ 400,000.
In early April, analysts at the ARK Invest investment fund said that in the coming years, Bitcoin will surpass the gold capitalization of $ 10 trillion and become the main financial instrument.
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Financial market forecasts are the private opinions of their authors. The current analysis is not intended to be a guide to trading. Cryplogger is not responsible for the results of work that may arise when using trading recommendations from the presented reviews.
The main reason for the rise in the bitcoin rate to $ 63,000 was the growing demand from institutional investors. Yuri Mazur, head of the data analysis department of the crypto broker CEX.IO Broker, stated this in a comment for Cryplogger.
He recalled that on April 8, insurance companies Liberty Mutual and Starr Insurance invested $ 100 million in the New York Digital Investment Group (NYDIG) investment fund. In March, the platform received a total of $ 200 million from financial giants MassMutual, Morgan Stanley and other investors.
On April 9, US-based alternative investment management company Millennium, with a capital of $ 48 billion, also invested in bitcoin through the Grayscale Bitcoin Trust. The amount of the investment was not disclosed, but the very fact of the transaction became a significant incentive for the growth of the bitcoin rate, the analyst said.
“The technical factor was the converging triangle on the daily timeframe, the formation of which began on March 14th. The gradual reduction in the BTC / USD trading range led to increased pressure from buyers on the upper boundary of the pattern around $ 59,950, ”he said.
CEX.IO expects bitcoin to continue to rise to $ 66,360 during April.
“This will be the 3.618 Fibonacci retracement level for the weekly timeframe. Consolidation should be expected at this level, ”added Yuriy Mazur.
In the context of Ethereum, we should expect continued growth to $ 2342 in the medium term.
“This mark is the 1.618 Fibonacci level on the weekly timeframe. Bitcoin and the dynamics of the DeFi market will have a significant impact on the market dynamics of ETH / USD, ”the expert said.
Recall that at the end of March, senior strategist of Bloomberg Intelligence for exchange commodities Mike McGlone announced the transformation of bitcoin into a reserve asset with low risks and predicted its growth to $ 400,000.
In early April, analysts at the ARK Invest investment fund said that in the coming years, Bitcoin will surpass the gold capitalization of $ 10 trillion and become the main financial instrument.
Subscribe to the Cryplogger channel at Youtube…
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