While Bitcoin (BTC) has not yet reached its all-time high (ATH) in USD, its performance against the Turkish Lira (TRY) tells a different story. The leading cryptocurrency has been hitting new highs in the BTCTRY pair due to the devaluation of the Turkish Lira against the dollar. Even on days when BTC’s value doesn’t rise, the decline of the Lira ensures that BTC still peaks in value.
At the time of writing, according to data from 21milyon.com, BTC is trading at 1,423,015 TL on local exchanges, while on Binance, it has reached 1,435,000 TL. The Turkish Lira has already surpassed 30 against the USDT, and the recent ETF surge has compounded the effect, creating a significant rally.
The cumulative volume on local exchanges has exceeded 1.3 billion TL, reflecting the growing interest in cryptocurrencies in countries battling high inflation. Turkey, with an estimated 5 million investors, is part of this group. The cumulative volume across all local exchanges is around 13.3 billion TL, which is substantial when compared to BİST100’s daily volume of 45 billion TL.
As the graph indicates, BTC has already surpassed its historical peak in the Turkish Lira pair, suggesting that psychological resistance levels are being tested. A short-term target of 1.5 million TL seems plausible if the Lira remains stable against the dollar and BTC reaches the 50,000 USD mark.
Given that BTC has recently surpassed 47,000 dollars without witnessing ETF listings, a target of 50,000 dollars is not far-fetched. If BTC aims for higher peaks, such as 55,000 dollars, the 1,650,000 TL level could be tested. These predictions hinge on the Lira not losing further value against the USD; otherwise, adjustments would be necessary.