Will Coinbase IPO Propel Bitcoin Price to New Highs?
Bitcoin Price Record Highs as Coinbase Prepares To Go Public
With just a rise of more than 2% since the previous trading day, the Bitcoin price rally reached the peak in history. On the other hand, one of the popular crypto exchanges, Coinbase is all set to go public shortly. As the crypto space is on the verge to witness an epic moment to get wide-stream exposure, Bitcoin may also surge to new highs.
The RSI indicator for bitcoin was in the rising wedge amid the bull run in the past couple of hours. However, the levels were still lower compared to that of the 2017, 2013 and 2011 bull markets. And hence if the RSI meets the levels close to the previous bull run above 95, then the price may hit $92K as per an analyst PlanB.
Therefore, Coinbase getting listed on Nasdaq might fuel up the to intensify the bull run as expected by the analyst.
Bitcoin May Even Flip Silver
The Bitcoin ecosystem is currently worth more than a trillion and the interesting part is it took just 12 years. Where-in the other trillion dollar companies took twice the time as Bitcoin, some even took 4 times more.
In the wake of Coinbase getting public, the BTC price remains in the spotlight which is expected to propel. Currently, Bitcoin is ranked 8th most valued asset in terms of market capitalization, just a position below silver.The price once attains the milestone at $75K, it can easily flip silver to become a step closer to gold.
Bitcoin is just an inch close to flip silver to become the 7th most valued asset. Once done, the next target would be to flip Google and Amazon. Yet another achievement for Bitcoin is, it overtook the oldest currency still in use the Great British Pound, GBP to become 6th largest currency in the world. And hence manifesting an extreme bullish trend approaching soon for bitcoin price.