This archive report was first published on 23 August 2021.
On August 23, 2021, Bitcoin made a significant comeback, breaking above the $50,000 mark for the first time in three months.
The cryptocurrency surged by around two percent to $50,249.15, its highest point since mid-May, when it began to decline due to various factors, including China's crackdown on cryptocurrencies and Tesla's decision to stop accepting Bitcoin due to environmental concerns.
However, since then, Tesla has indicated its support for Bitcoin, and other high-profile investors, such as Twitter founder Jack Dorsey, have also expressed their interest in the cryptocurrency.
As a result, Bitcoin has now risen by more than 70 percent from its six-month lows below $29,000 touched in June, and speculation is swirling that it could begin its push towards $100,000.
According to Rick Bensignor, a strategist at Bensignor Investment Strategies, Bitcoin is 'getting nearer the higher end of what I expect as a new trading range in the low-$40,000s to low-$50,000s.'
While Bitcoin is still a long way off its record high just below $65,000 achieved in April, its recent surge is a positive sign for investors.
