Could LUNA Hitting a New ATH Ignite a BTC and Crypto Bull Run?

November 8, 2023 CryptoExpert Ethereum
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Could LUNA Hitting a New ATH Ignite a BTC and
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Terra (LUNA) has hit a new all-time high of $115.23The LUNA Foundation is determined to keep buying BitcoinTerra’s founder wants to increase LUNA’s Bitcoin reserves to $10 Billion and to be the single largest holder of Bitcoin after SatoshiLUNA and the purchases of the Foundation could ignite a Bitcoin and crypto-wide bull run

The digital asset of Terra (LUNA) has hit a new all-time high of $115.23. The milestone was hit a few moments ago with the digital asset looking ready to keep on pushing higher as seen in the daily LUNA/USDT chart.

Could LUNA Hitting a New ATH Ignite a BTC and Crypto Bull Run? 11
LUNA/USDT daily chart

From the daily LUNA/USDT chart above, it can be seen that the daily MFI, RSI, and MACD hint at a continuation of bullishness for LUNA rolling into the new week. Consequently, Terra (LUNA) could attempt to push closer to $120 or above.

LUNA Foundation Wants to Be the Single Largest Bitcoin Holder after Satoshi Nakamoto

The bullishness surrounding Terra (LUNA) can be attributed to the Luna Foundation’s objective of increasingly collateralizing its UST stablecoin with Bitcoin.

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Terra’s founder, Do Kwon, has on numerous occasions stated that he wants to increase the foundation’s Bitcoin holdings to $10 Billion. Furthermore, he wants the Luna Foundation to be the single largest holder of Bitcoin after Satoshi Nakamoto.

At the time of writing, the Luna Foundation how holds 30,727.98 Bitcoin.

LUNA and the Foundation’s BTC Purchases Could Ignite a Bull Run

It is with this brief background of LUNA hitting a new all-time high and the foundation’s constant purchases of Bitcoin, that could ignite a BTC and crypto-wide bull run.

The consistent purchases of Bitcoin will most likely create a FOMO (fear of missing out) effect that will kick start a new round of interest in buying BTC by retail investors. Once the King of Crypto starts its journey toward higher levels, other cryptocurrencies will follow suit.

At the time of writing, Bitcoin is attempting to turn the $46k price area as support. Bitcoin is right below the 200-day moving average at approximately $48k. Chances are that in the coming week, Bitcoin makes a second attempt at breaking this level. If successful, a crypto-wide sense of bullishness will most likely be felt in the markets.

[Disclaimer: Opinions expressed herein by the author should not be considered as financial advice nor do they represent those of EWN and its other writers.]

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