Why Did Nvidia Share Price Rise Increase the Possibility of Bitcoin Price Reaching $100 Thousand?
Nvidia became the third company to enter the $3 trillion club, surpassing Apple to become the second-largest company traded on the US stock exchange. Nvidia (NVDA) share price reached an all-time high of 1,224.50, triggering bullish signals for tech stocks and Bitcoin and AI coins. Is Bitcoin more likely to rise to $100,000 after Nvidia’s giant leap?
Analyst Says Nvidia Rally Strengthens Bitcoin’s $100K Move
10XResearch CEO Markus Thielen said that the huge increase in Nvidia share prices on June 6 indicates that there is a high probability that the Bitcoin price will rise to $100,000. He further strengthened his previous prediction that BTC price is expected to reach an all-time high next week.
Since the correlation between Bitcoin and the US markets has increased due to continued mainstream adoption, Nvidia and BTC prices have moved almost similarly. Markus Thielen believes that a breakout of $70,568 puts Bitcoin on track to reach $100,000.
NVDA price was trading at 1,237.21, up 1.05% in pre-market gains on Thursday. The price has increased by more than 32% in one month and by more than 154% since the beginning of the year. Analysts at Bank of America raised the price of Nvidia shares to $1,500 from the previous NVDA price target of $1,320.
This shift underscores growing investor interest in companies at the forefront of the artificial intelligence (AI) revolution.
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Multiple Factors Confirm BTC Price Increase
BTC price is trading sideways today and the price is currently trading at $70,915. The 24-hour low and high are $70,390 and $71,735 respectively. Additionally, the 27% decrease in trading volume in the last 24 hours shows that investors’ interest has decreased.
CryptoQuant data reveals that institutional investors have turned to accumulation again over the past two weeks, with the NVT Golden Cross indicating a local bottom and Bitcoin Volatility Index (SMA-30d) and Adjusted MVRV (30DMA/365DMA) measurements highlighting a slowdown in price fluctuations.
Analyst Willy Woo predicted that if the BTC price reaches $72,000 and continues to rise towards $75,000, $1.5 billion worth of Bitcoin shorts will be liquidated.
Also Read: Cathie Wood’s Ark Invest Has Strong AI Exposure Despite Nvidia Cut
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
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