Bitcoin could reach $ 35,000 in the coming days
Bitcoin has been able to rise from below $ 30,000 to near $ 32,000 since this morning, and at the same time, the market situation has calmed down. Some analysts now say that Bitcoin could rise to $ 35,000 in the next day or two.
To Report The Bitcoin Telegraph This morning, Bitcoin fell below $ 30,000 for the first time in 10 months, which some experts believe is mainly due to the turmoil in the Terra network and the fall in the UST stable price.
As can be seen from the chart above, the price of Bitcoin today reached its lowest level at $ 29,700. The last time the price of Bitcoin fell below $ 30,000 dates back to July 2021 (July 1400). The price also fell this morning as the global stock market fell, and at the same time as the UST price, the Tera network’s stable dollar coin also fell to $ 0.65 with an unusual drop.
As previously reported, the UST faced massive sales this week, forcing the Luna Foundation to use $ 750 million of its bitcoin reserves to maintain the value of this stable coin.
These initial measures in the form of increasing US-backed liquidity were not enough, and the price of this stable coin reached $ 0.65 at its lowest level. Meanwhile, the BTC / UST market price reached $ 42,000, while the price of bitcoin in the other stable dollar coin market was at $ 30,000.
Following the incident, rumors of a drop in UST prices quickly spread on social media; However, Tera co-founder Do Kwon did not react after announcing that the Luna Foundation’s bitcoin reserves were being used to maintain UST value.
His only reaction after the news broke was that he retweeted a tweet from Jose Macedo, director of the Delphi Ventures Institute, about the situation. Makado said Terra’s emergency measures could eventually lead to further decentralization of UST, the market’s largest decentralized dollar-denominated stable coin.
He wrote in his tweet:
Opponents will criticize this for its centralism, and rightly so. Luna Foundation Reserves [که از بیت کوین، لونا، اولنچ، تتر و یواسدی کوین تشکیل شده است] It has made the UST stronger and, of course, temporarily more focused.
Data from the Luna Foundation wallet also confirms this transfer, and it appears that the wallet’s balance has dropped from 70,000 bitcoin units ($ 2.23 billion) to zero.
The Luna Foundation has said it has not sold any of the bitcoins it has previously purchased and has promised that the community will share the details of the digital currency.
Can Bitcoin grow up to $ 35,000 in this situation?
At the time of writing, Bitcoin has managed to rise from a low of $ 29,700 this morning to close to $ 32,000.
Some bought in this price floor, one of which is the government of El Salvador. According to El Salvador President Najib Abu Qila, the country bought 500 bitcoins for $ 30,744.
“Michael Telegraph’s analyst Michaël van de Poppe said:
I do not know how much the market is going to improve and UST is having a positive effect on the fall in prices. All I know is that the UST price drop is a temporary issue, and I think Bitcoin will be trading at around $ 35,000 in the next 24 to 48 hours.
The UST problem has not been completely resolved so far, and this stable coin is still trading at 8% of the US dollar. Luna, which has lost 50 percent of its value in the last 24 hours, is now hovering around $ 33.
The results of a Twitter poll of 15,000 participants show that 60% of people expect the UST to reach $ 1 again.