BREAKING: Bitcoin Price Hits $50,000 – The Big Question: How Much Higher Can BTC Go?
12 Février 2024 - 5:40PM
NEWSBTC
The Bitcoin price has experienced a significant surge, surpassing
the $50,000 mark as Wall Street exchange-traded funds (ETFs) gained
approval from the US Securities and Exchange Commission (SEC) on
January 11. This bullish momentum, coupled with increased ETF
demand, has propelled Bitcoin into a fully-formed bull run just
months ahead of the anticipated halving event, which is expected to
further amplify the ongoing uptrend. Wall Street ETFs Drive Bitcoin
Demand In a recent CNBC interview with Anthony Pompliano, it was
revealed that Wall Street ETFs are buying approximately 12.5 times
more Bitcoin per day than the network can produce. This surge
in demand from institutional investors has contributed to the price
appreciation of Bitcoin. Pompliano asserts that Bitcoin has become
Wall Street’s preferred asset and predicts that the increased
demand through ETFs could lead to a significant rise in its price.
Related Reading: ERC-404 Euphoria Push Ethereum Gas Fees To 8 Month
High On the other hand, analytics firm Material Indicators has
identified $53 million in Bitcoin buy orders stacked at the $50,000
level on the Binance order book. This substantial demand
indicates strong investor interest in Bitcoin at this price
point. However, the firm believes that a price retest of
support levels may be imminent, although the timing remains
uncertain. Bitcoin Price Rally Faces Potential Correction? If
the Bitcoin price successfully breaks above the $50,000 level,
Material Indicators anticipate minimal resistance on the path to
$52,000 and $58,000. This scenario raises the possibility of a
substantial short squeeze, as investors who have bet against the
asset may be forced to cover their positions, further driving up
the price. However, the highly anticipated inflation report
scheduled for Tuesday could potentially trigger a correction in the
market, as its findings may impact investor sentiment and market
dynamics. Related Reading: Top-Trader Picks Cardano As Bull Market
Leader: Here’s Why Overall, Bitcoin’s price surge above $50,000 is
attributed to the approval of Wall Street ETFs and the subsequent
increase in institutional demand. The influx of capital from these
ETFs has contributed to Bitcoin’s bullish momentum, with
expectations of further price appreciation. As BTC continues
to capture Wall Street’s attention, market participants eagerly
await further developments and potential Bitcoin price movements to
the upside, with potential corrections ahead. Currently, the
Bitcoin price has risen over 3.4% in the past 24 hours, coupled
with a seven-day uptrend of 16%. Featured image from Shutterstock,
chart from TradingView.com
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