As the third-largest firm listed on a U.S. stock exchange, Nvidia overtook Apple as the third company to reach the $3 trillion milestone. As the price of Nvidia (NVDA) shares reached a new all-time high of 1,224.50, bullish signals were sent out for technology stocks, A.I. cryptocurrencies, and Bitcoin. Is a $100,000 Bitcoin rally more likely after Nvidia’s massive jump?
Analyst: The $100K Bitcoin Move Was Strengthened by Nvidia’s Rally
According to 10XResearch CEO Markus Thielen, there is a good chance that the price of Bitcoin will reach $100,000, given the recent sharp increase in Nvidia shares. He provided more evidence to support his prior forecast that the bitcoin price will reach a record high by the end of next week
Due to its widespread adoption, Nvidia and BTC prices have moved nearly in tandem since a surge in the correlation between Bitcoin and U.S. markets. According to Markus Thielen, a breach above $70,568 has put Bitcoin on course to reach $100K.
NVDA price rose 1.05% in the pre-market on Thursday, closing at 1,237.21. It shot up more than 32% in a month and 154% in the past year. From the previous NVDA price goal of $1,320, Bank of America analysts increased their price target for Nvidia stock to $1,500.
This change reflects the increasing interest from investors in businesses leading the artificial intelligence (A.I.) revolution.
Numerous Factors Verify BTC Price Rally
The bitcoin price is presently trading sideways at $70,915. $70,390 is the 24-hour low, and $71,735 is the 24-hour high. Additionally, there has been a 27% drop in trading volume over the past day, which suggests that traders are becoming less interested.
The Bitcoin Volatility Index (SMA-30d) and Adjusted MVRV (30DMA/365DMA) metrics indicate a reduction in price swings. The NVT golden cross suggests a local bottom, and CryptoQuant data shows institutional investors have switched towards reaccumulation over the last two weeks.
Analyst Willy Woo forecasts that if Bitcoin’s price reaches $72,000 and begins to rise towards $75,000, there will be a $1.5 billion short liquidation.
