Bitcoin achieved a remarkable V-shaped rebound, surging to an intraday peak of $91,107 according to CoinGecko data. This rally comes after a shaky start to the week marked by declines triggered by hawkish Bank of Japan (BoJ) comments and China’s escalating crackdown on cryptocurrencies. 📈
Despite predictions from traders such as Peter Brandt, who predicted a potential crash to $40,000, and analyst Chris Burniske, who anticipated further price drops,
the bulls managed a powerful comeback on Tuesday. This resurgence can be attributed to several factors:
* **Vanguard’s Entry:** The financial giant, Vanguard, has opened the doors for cryptocurrency ETFs after previously remaining aloof from the sector.
* **Mainstream Acceptance:** Bitwise CEO Hunter Horsley sees crypto moving into mainstream acceptance, highlighting a notable shift in sentiment.
* **Bank of America Embraces Bitcoin:** Bank of America’s Private Bank and Wealth Management division is set to allow advisors to allocate up to 4% of their clients’ portfolios to Bitcoin starting next year.
Short positions, which make up 93% of all short trades over the past 24 hours, have been wiped out by a staggering $221 million in the last few hours.