As a researcher with a background in technology and finance, I find the correlation between Nvidia’s meteoric rise and Bitcoin’s potential price increase intriguing. Nvidia’s position as the second-largest U.S.-listed company following its stock price surge is a clear indication of the growing investor enthusiasm for companies at the forefront of the AI revolution.
Nvidia has joined the ranks of just three companies in the U.S., with a market capitalization surpassing $3 trillion, pushing Apple into third place. As a result, Nvidia (NVDA) has achieved a new record high share price of 1,224.50, which has fueled optimism in tech stocks, Bitcoin, and AI-related coins. Could the price of Bitcoin reach $100,000 with this significant advancement from Nvidia?
Analyst Says Nvidia Rally Strengthened Bitcoin $100K Move
As an analyst, I’ve observed a significant increase in Nvidia’s share price, according to Markus Thielen, the CEO of 10XResearch, on June 6. This trend could be indicative of Bitcoin reaching a new milestone of $100,000. Additionally, Thielen reaffirmed his belief that Bitcoin’s price will set a new all-time high within the next week.
Due to increasing mainstream acceptance, there has been a stronger connection between Bitcoin’s price movements and the US markets recently. Notably, Nvidia’s price trend has mirrored that of Bitcoin closely. Market analyst Markus Thielen predicts that Bitcoin’s price could surge past $100,000 following its breakthrough at $70,568.
Nvidia’s stock price was trading at $1,237.21 during the pre-market session on Thursday, marking a 1.05% increase. In just one month, the share price has surged by over 32%, and it has experienced a significant growth of 154% since the beginning of the year. Analysts at Bank of America have revised their prediction for Nvidia’s stock, setting a new target price of $1,500 – an increase from their previous estimation of $1,320.
This change highlights the increasing interest among investors in businesses leading the charge in the artificial intelligence (AI) advancements.
Multiple Factors Confirms BTC Price Rally
I’ve analyzed the current Bitcoin market trend, and I can report that the price is holding steady today at around $70,915. The 24-hour range has seen a fluctuation between $70,390 as the low and $71,735 as the high. Notably, trading volume has taken a dip by approximately 27% in the past 24 hours, suggesting waning trader interest in this period.
According to CryptoQuant’s latest findings, institutional investors have recently increased their buying activity, indicating a trend towards reaccumulation over the past fortnight. Furthermore, the NVT golden cross is suggesting that we may have reached a local bottom in the Bitcoin market. Additionally, both the Bitcoin Volatility Index (30-day moving average) and Adjusted MVRV (30-day moving average divided by 365-day moving average) metrics indicate that price fluctuations have slowed down.
According to analyst Willy Woo’s prediction, a short position worth approximately $1.5 billion in Bitcoin would be liquidated if the price reached $72,000. Subsequently, he anticipates a surge in Bitcoin’s price towards $75,000.
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2024-06-06 13:53