The Bitcoin price rallied towards the $11,000 region earlier today after news broke that Square, a giant e-commerce company as allocated 1% of its total treasury assets into bitcoin.
This news event brought the much-needed price volatility back into Bitcoin, finally pushing price out of the sideways converging triangle pattern it has been trading in for a while.
This price breakout clearly indicates that Bitcoin as a very bullish bias, and if it breaks through the crucial $11k resistance, there is a very high liklyhood that we might see the price continue to trend higher in the coming days.
Such a breakout would cause the altcoins market to begin showing strength and trending higher as well, giving Altcoin traders the much needed relieve after they’ve been hammered heavily in the previous weeks.
How Does This Huge Cooperate Buyings Affect The Future Of Bitcoin?
Square is not the first large company to invest a certain percentage of its portfolio into Bitcoin. Recently, MicroStrategy made waves for leading the way, announcing a significant switch to investing in Bitcoin for the long term.
These news events could be a signal to investors that the cooperate world are beginning to see the importance Bitcoin plays in helping them diversify their portfolio away from the dollar and hedge against inflation.
It also signals that we are entering a new phase in the Bitcoin growth, where we might begin to see larger institutional investors, cooperate organisations and banks begin to show interest and gain exposure to the Bitcoin market as well.
If this occurs, then there is a very high likelihood that we might see the Bitcoin market cap finally surge to the Trillion dollar mark in the coming months.
This will make Bitcoin as valuable as Gold and elevate Bitcoin status as a very reliable asset to invest in for the long term.
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