Bitcoin Surges Above $46K
Bitcoin (BTC) has surpassed $46,000 for the first time since the debut of spot ETFs on January 11. The cryptocurrency saw a 3.4% increase in the previous day, reaching $46,075 at the time of publication. This marks a 6% increase over the past seven days, indicating a positive trend.
Bitcoin Flexes Muscles, Reclaims $46K Level
Despite a rough start to 2024, Bitcoin is now trading above the $46k territory once again. The approval of several ETFs aimed at strengthening its institutional legitimacy did not initially have the desired effect. However, recent upward momentum suggests that breaking the $45,000 mark could bring early BTC ETF investors close to profitability.
Laurent Ksiss, a specialist in crypto ETPs at CEC Capital, predicts that this surge may lead to some investors taking profits and potentially triggering a reversal. The $42,000 to $40,000 level could be tested in this scenario.
Whale Appetite Up For BTC
Following a significant decline in BTC’s price after the introduction of ETFs in January, it appears that the sell-off has ended and Bitcoin is rising again. This is partly due to large holders acquiring the asset. Grayscale’s sale of substantial amounts of Bitcoin had caused the price to drop below $39,000 at one point.
Markus Thielen from Matrixport and 10x Research believes that Bitcoin will reach $48,000 soon. Thielen’s research shows a track record of gains during the Chinese New Year festival. Historically, bitcoin tends to rise by over 10% around this time.
Bitcoin Seen Hitting $50K
LMAX Digital expects Bitcoin to continue rising, potentially reaching the $50,000 mark. Technically speaking, Bitcoin has broken out of a range and could aim for a surge to a new yearly high. Using Elliott Wave theory, Thielen projects even greater upside for Bitcoin in the future.
Hot Take: Bitcoin’s Bullish Momentum Continues
Bitcoin’s recent surge above $46,000 indicates a bullish trend in the cryptocurrency market. Despite a rough start to the year, with ETF approvals not initially having the desired impact, Bitcoin has regained its strength. Large holders acquiring BTC and positive historical trends during the Chinese New Year festival contribute to this upward momentum.
Analysts predict that Bitcoin may reach $48,000 and potentially even hit $50,000 in the near future. This positive outlook is supported by technical indicators and patterns such as Elliott Wave theory. As Bitcoin continues its rally, it remains an asset to watch closely for further price movements and investment opportunities.
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