BITCOIN PRICE - CRYPTO MARKET CONTINUES TO RISE AFTER ELON MUSK ENDORSEMENT OF ETHEREUM AND DOGECOIN

Bitcoin has bounced back from a monthly low this week, with its price reaching above $32,000 on Thursday after once again testing the key $29k support level on Tuesday.

The latest recovery was boosted by comments from Elon Musk that SpaceX has also invested in bitcoin, while his personal holdings also include Ethereum (ether) and dogecoin.

Analysts and experts remain divided over which way the market is heading from here. A market-wide crash throughout May and June is being labelled by some as a blip within a long-term bull market, but others fear it could be the beginning of a so-called crypto winter.

Among the more positive forecasts is billionaire investor Tim Draper, who this week stuck by his $250k price forecast for next year.

Published on: 7/23/21, 1:28 PM