Bitcoin (BTC) Reclaims $40,000 as Industry Experts Remain Long-Term Bullish

July 28, 2021 9:55 AM EDT

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Bitcoin (BTC) price has returned to trade above the $40,000 mark for the first time since June 16 as buyers seek to capitalize on the short-term bullishness.

At 09:45 EST, the Bitcoin price was trading at $39,530 or about 0.15% higher on the day. Earlier today, the world’s largest cryptocurrency touched $40,925. This way, BTC price touched the 100-DMA for the first time since it broke below in mid-May.

In case we close above $39,475, today will mark the eighth consecutive day of gains for BTC given that the price action traded below the $30,000 mark last week.

“There have been price fluctuations but without doubt, I'm still bullish on Bitcoin. Bitcoin has proved its position as a store of value and this will only be entrenched by Millennial and Gen Z investors. It’s scarcity, durability and security means that, by both fiat and cryptocurrency standards, it has long term utility and value. A few years ago Bitcoin was compared to the internet in the early ‘90s. This comparison still stands; the internet became ubiquitous and Bitcoin will too,” Ryan Moore, CEO of bitcoin banking app Mode, told Coindesk.

As for the price action this year, Richard Byworth, CEO of crypto financial services company EQONEX, is also bullish as he predicts the BTC price to increase by nearly five times in 2022.

“The mining crackdown in China has impacted the price heavily as miners migrate and hash power has dropped, but longer term this is bullish and will make Bitcoin more resilient. We are still forecasting BTC to be around $175,000 at the peak of the current cycle, into 2022,” he told Coindesk.

Ethereum (ETH) price is down 1% on the day as buyers struggle to break above the $2,400 resistance.

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