Boom! Bitcoin Barrels Past $46,000, Eyes $50K As Bullish Sentiment Returns
09 Février 2024 - 7:00AM
NEWSBTC
For the first time since the spot ETFs’ debut trade on January 11,
Bitcoin (BTC) has surpassed $46,000. According to data from
Coingecko, BTC had increased 3.4% in the previous day to $46,075 at
the time of publication, maintaining a 6% increase over the
previous seven days. Related Reading: Bitcoin Nears $45,000 Level
In Historic Price Surge Following Spot ETF Debut Bitcoin Flexes
Muscles, Reclaims $46K Level Despite the approval of several
eagerly awaited exchange-traded funds that were meant to strengthen
its institutional legitimacy, Bitcoin’s 2024 has had a rough start.
However, things are improving as Bitcoin is now again trading above
the $46k territory. Laurent Ksiss, a specialist in crypto
Exchange-Traded Products (ETPs) at CEC Capital, mentioned that if
the current upward trend continues, breaking the $45,000 mark could
bring early investors in the BTC ETF close to being profitable. He
also suggested that this momentum might lead to some investors
taking profits, potentially triggering a reversal and testing the
$42,000 to $40,000 level. After the introduction of 10 ETFs in
January, the price of BTC experienced an unanticipated decline. The
value plunged after momentarily touching $49,000 when one of the
funds, Grayscale, began transferring significant portions of their
cryptocurrency to Coinbase. BTCUSD currently trading at $46,165 on
the daily chart: TradingView.com This was due to the fact that,
before Grayscale converted the Bitcoin Fund ETF to an open-ended
fund, investors had to hold their shares for a minimum of six
months before they could cash out. Many of the investors were eager
to cash out and redeem their shares when it became an ETF in
January. Whale Appetite Up For BTC As a result, Grayscale sold
enormous quantities of Bitcoin, which dropped in price. It was
trading below $39,000 at one point. However, it appears that the
sell-off is ended, and Bitcoin is rising once more, partly due to
large holders acquiring the asset. Meanwhile, Markus Thielen, head
of research at Matrixport and founder of 10x Research, says that
Bitcoin (BTC) is headed towards $48,000 in the near future
following its breakout driven by a solid track record of gains
during the Chinese New Year festival. Since bitcoin often rises by
more than 10% around Chinese New Year, beginning on February 10,
the following few days are extremely important statistically,
according to Thielen’s research from Thursday. Every time traders
acquired bitcoin three days prior to the start of the Chinese New
Year and sold it 10 days later, the price of bitcoin has increased
during the previous nine years, according to Thielen. Related
Reading: From Outage To Recovery: Solana Breaches $100 Barrier With
Network Restart In Full Swing Bitcoin Seen Hitting $50K In a
related development, LMAX Digital stated that it anticipates
bitcoin to continue rising, maybe hitting the $50,000 mark.
According to LMAX Digital, technically speaking, bitcoin has broken
out of a range and may be aiming for a surge to a new yearly high
through $50,000. Using Elliott Wave theory, a technical study that
presupposes that prices move in repeating wave patterns, Thielen
projected greater upside for bitcoin in the future. The concept
states that price trends evolve in five stages, with waves 1, 3,
and 5 serving as “impulse waves” that indicate the primary trend.
Retracements between the impulsive price movement occur in waves
two and four. Thielen said Bitcoin has started its final,
fifth impulsive stage of its rally, aiming to reach $52,000 by
mid-March, after completing its wave 4 retracement and correcting
to $38,500. Featured image from Adobe Stock, chart from TradingView
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