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Bitcoin heading for $70,000 after breaching $55,000 mark

Norwegian gas and oil giant Aker ASA now investing in bitcoin

Bitcoin rose for the fourth day in a row yesterday, briefly getting above the $55,000 mark.

Heading into lunchtime on Wednesday the cryptocurrency is sitting at $54,863 following a slight retreat back.

Its market cap is again above $1tn as investors ponder the prospect of a new all-time high.

Only recently bitcoin recovered from a pullback. Having reached an all-time high above $58,000 towards the end of February, the cryptocurrency dipped below $44,000.

Bitcoin

Analysts are making the case that the blockchain technology is heading for $70,000 having overcome shorter-term price constraints.

“Bitcoin is very much out of trouble zone now as the price has broken most of its obstacles,” said Naeem Aslam, chief market analyst at Avatrade.

“The next target for the Bitcoin price is really the all-time high, and from there onwards the journey will begin towards a new target of 70K.”

Major players in finance are continuing to invest in the cryptocurrency, including Norwegian gas and oil giant Aker ASA, which confirmed its plan to launch a cryptocurrency arm with a massive $59 million opening investment.

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