Bitcoin is back in the green after Tesla revealed that it began accepting the digital asset as payment. Now that BTC is closer to going mainstream, its price looks primed to move beyond the $62,000 all-time high.
Bitcoin Ready to Go Mainstream
Bitcoin shows no signs of slowing down despite the 12.50% correction that it endured in the past five days. Indeed, the flagship cryptocurrency has regained over $2,000 in market value over the last few hours.
BTC/USD on TradingViewThe sudden bullish impulse came after Tesla’s CEO Elon Musk announced that customers can now purchase any of the firm’s electric vehicles using BTC. More importantly, Musk stated that the company uses an “internal and open-source software that operates Bitcoin nodes directly.”
Such infrastructure allows it to retain the BTC obtained from the car sales instead of converting the tokens immediately into fiat.
Tesla’s bold move would likely bring Bitcoin a step closer to mainstream adoption. Though the feature is only available to U.S. citizens, the firm said the feature would be available globally later this year.
Peter Brandt, the CEO of Factor LLC, believes that now that Bitcoin is “taking the role of a store of wealth and medium of exchange,” its long-term outlook looks better than ever. The 40-year trading veteran maintains that BTC is about half-way through the current bull phase.
Brandt expects that the pioneer cryptocurrency will reach between $180,000 and $200,000 by the last two quarters of the year, based on a long-term trend channel.
Though …
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