Bitcoin Back Above $48,000 – Is This Level The Springboard To $52,000?
10 Fevereiro 2024 - 7:00AM
NEWSBTC
Bitcoin roared back this week, clawing its way to $48,207 – its
highest point since early January. This fiery ascent follows weeks
of muted trading, fueled by concerns about institutional outflows
and a post-ETF price dip. But what’s sparking this sudden surge?
And can the digital dragon overcome its next hurdle? Related
Reading: Solana TVL Nears $2 Billion – Will SOL Cruise To $120
Before Valentine’s? Positive Winds Fill Bitcoin’s Sails Several
factors are propelling Bitcoin’s recent rally: Spot ETF
Momentum: The long-awaited launch of spot Bitcoin ETFs in
January might be finally delivering on its promise. Potential
inflows and positive sentiment surrounding these new investment
vehicles are driving interest. Halving Horizon: The Bitcoin
halving, scheduled for May 2024, looms
large. Historically, this event, which reduces the
rate of new Bitcoin creation, has been linked to price
increases, fueling investor optimism. Market Synergy: The
S&P 500’s recent ascent to record highs seems to be spilling
over to the crypto market, creating a wave of positive
momentum. Lunar Luck? Bitcoin often experiences gains around
the Chinese New Year, and this year is no exception. The
“Year of the Dragon,” with its auspicious connotations, adds
another layer of bullish sentiment. ETF Absorption of Selling
Pressure: Several ETFs have absorbed over a billion dollars
worth of Bitcoin selling pressure in recent weeks, indicating
underlying demand despite pre-ETF concerns. Bitcoin currently
trading at $47,335 on the daily chart: TradingView.com But Can
Bitcoin Slay The Resistance Dragon? While the outlook seems bright,
challenges remain: Resistance at $48,500: Bitcoin faces a crucial
resistance level at $48,500. Breaking through this barrier is key
for a potential new all-time high. Post-ETF Sell-off: Despite
the recent surge, Bitcoin remains below its pre-ETF
highs, sparking concerns about a potential sell-off after the
initial excitement fades. Volatility Reigns: Crypto remains a
notoriously volatile asset, and predicting future price
movements is fraught with difficulty. Experts Weigh In: Bitcoin At
$52K Sylvia Jablonski, CEO of Defiance ETFs, attributes
the price appreciation to “recent inflows into the spot ETFs, the
prospect of the halving, and general market momentum.” However, she
cautions that breaking through resistance levels is never
guaranteed, and investors should approach any investment with
caution. Meanwhile, Markus Thielen, the founder of 10x
Research and head of research at Matrixport, predicted more rise in
bitcoin prices using Elliott Wave theory, a technical study that
makes the assumption that prices move in repeating wave patterns.
The idea 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. According to Thielen, BTC has begun its final,
fifth impulsive stage of its uptrend, aiming to reach $52,000 by
mid-March, after completing its wave 4 retracement and correcting
to $38,500. Related Reading: Cardano (ADA): Green Shoots Emerge –
Is A 30% Price Growth Next? Featured image from Adobe Stock, chart
from TradingView
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