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

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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