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The Vice President of the cryptocurrency exchange Kraken, Matt Howells-Barby, stated that Bitcoin’s breakthrough to the price level of $80,000 hinges on two key factors.
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According to the executive from the major trading platform, the increase in the value of the leading cryptocurrency is feasible with a reduction in tensions in the Middle East and robust corporate earnings reports in the United States.
“I anticipate that Bitcoin will surge to the $80,000 mark. There is a pathway for growth, but currently, a catalyst is needed for that increase,” Howells-Barby explained.
He further noted that the present price dynamics of Bitcoin suggest a gradual resurgence of interest from investors; however, for a sustainable trend to develop, the market requires more stable macroeconomic conditions.
According to the Kraken vice president, a combination of increased risk appetite and diminished uncertainty could support further price movement. In this scenario, the market could transition from short-term fluctuations to a more stable upward trend, where investor interest is bolstered by fundamental factors.
Previously, analysts from 10x Research indicated that Bitcoin surpassing the $73,000 threshold signifies the persistence of bullish momentum in the short term.
