Why Nvidia Share Price Rally Boosted Odds of Bitcoin Price Hitting $100K?
Nvidia became the third company to enter the $3 trillion club, leaving behind Apple to set its position as the second-largest U.S. stock exchange-listed company. Nvidia (NVDA) share price hit a new all-time high of 1,224.50 and triggered bullish signals for technology stocks and Bitcoin and AI coins. Is Bitcoin rally to $100,000 more likely after Nvidia’s giant leap?
Analyst Says Nvidia Rally Strengthened Bitcoin $100K Move
Markus Thielen, CEO of 10XResearch, on June 6 said a massive surge in Nvidia share price hints at high odds of Bitcoin price hitting $100K. He further bolstered his earlier prediction that BTC price is expected to hit a new all-time high by next week.
Since a rise in the correlation between Bitcoin and US markets due to ongoing mainstream adoption, Nvidia and BTC prices have moved almost similarly. Markus Thielen believes a breakout of $70,568 has set Bitcoin on a path to hit $100K.
NVDA price trading at 1,237.21, up 1.05% in a pre-market rally on Thursday. The price soared over 32% in a month and 154% year to date. Analysts at Bank of America raised their price for Nvidia stock to $1,500 from the previous NVDA price target of $1,320.
This shift underscores the growing investor enthusiasm for companies at the forefront of the artificial intelligence (AI) revolution.
Also Read: Cardano, Shiba Inu, Jasmy Grabs Interest Of Big Whales, Trigger Buy Signal
Multiple Factors Confirms BTC Price Rally
BTC price is trading sideways today, with the price currently trading at $70,915. The 24-hour low and high are $70,390 and $71,735, respectively. Furthermore, the trading volume has decreased by 27% in the last 24 hours, indicating a decline in interest among traders.
CryptoQuant data reveals institutional investors have shifted towards reaccumulation over the past two weeks, NVT golden cross hints local bottom, and Bitcoin Volatility Index (SMA-30d) and Adjusted MVRV (30DMA/365DMA) metrics highlight slowdown in price swings.
Analyst Willy Woo predicted a $1.5 billion Bitcoin short liquidation if BTC price hits $72,000 and set to a rally towards $75,000.
Also Read: Cathie Woods Ark Invest Has Strong AI Exposure Despite Trimming Nvidia
The post Why Nvidia Share Price Rally Boosted Odds of Bitcoin Price Hitting $100K? appeared first on CoinGape.