Can the price of Bitcoin reflect the Nvidia rally?

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Bitcoin News: Debt ceiling talks between White House and congressional Republicans move forward, investors confused as deadline approaches. The global digital market printed green indices on Thursday after a massive sell-off the day before. However, NVIDIA Corp (NASDAQ: NVDA) posted a strong 27% increase, leaving Wall Street hopeful.

Also read: NVIDIA is about to break into the $1 trillion club; Will other AI stocks rally?

Is Bitcoin Price Ready To Rise?

Bitcoin (BTC), the world’s largest cryptocurrency, is trading under selling pressure as its price fell below the crucial $27,000 threshold on Wednesday. However, the price of BTC recorded a slight increase in the last 24 hours. Bitcoin is trading at an average price of $26,272, at press time.

According to an expert, the price of Bitcoin should reflect the massive surge recorded by NVIDIA over the past 24 hours. He mentioned that Bitcoin price forms an Inverse Head and Shoulders pattern on the chart similar to NVIDIA.

He pointed out that BTC is building an iHS structure that matches NVIDIA’s price chart before recording a resounding rally. Nvidia’s stock price jumped 27% on Thursday, leading the chipmaker’s market valuation to approach the $1 trillion club. Read more Bitcoin news here…

Reports suggest that Nvidia added nearly $200 billion to its valuation following the release of its quarterly report. The chipmaker’s market cap is around $951 billion. While its share is trading at an average price of $383.76, at press time.

Meanwhile, Bitcoin price hasn’t seen much gains over the past 30 days. The price of BTC fell almost 5% during the period. Bitcoin’s market capitalization, which stood at around $580 billion on April 26, 2023, has declined to around $508 billion. However, its 24-hour trading volume is also down 8% to $14.09 billion.

Ashish believes in decentralization and has a keen interest in the evolution of Blockchain technology, the cryptocurrency ecosystem, and NFTs. He aims to raise awareness of the growing crypto industry through his writing and analysis. When he’s not writing, he’s playing video games, watching thrillers, or playing sports outdoors. Contact me at [email protected]

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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