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The founder of investment firm SkyBridge Capital remains bullish on Bitcoin, despite the former cryptocurrency trading well below its all-time high reached in 2021.
Analysts at K33 Research linked the fall in Bitcoin futures trading volumes to the cryptocurrency market’s reaction to the fall in BTC spot trading volumes on the largest crypto exchange Binance.
Fundstrat co-founder Tom Lee has increased his forecast for the bitcoin rate. Earlier, he said that with the approval of a spot ETF for bitcoin, the rate would rise to $150,000, but now we are talking about $185,000.
Bitcoin extended its decline beneath $30,000 on Monday as the total crypto market value dipped by 2% to just over $1.2 trillion.
The entrepreneur and author of the bestselling book Rich Dad Poor Dad urged investors to invest in bitcoin, as soon the BRICS countries' own currency will put pressure on the US dollar. Robert Kiyosaki has repeatedly warned about the imminent collapse of the dollar and the entire American economy, calling for investing in gold and bitcoin.
The price of bitcoin has risen to $28,000 after trading below this mark for the majority of May.
According to analysts, the Bitcoin price rally may be just beginning. On Sunday, the price of bitcoin was $29,000, several pips below the important $30,000 resistance point and slightly below the all-year high of $31,000, writes Invezz.