Bitcoin Price Surges Nearly 5% in the Last 24 Hours
The Bitcoin price has surged nearly 5% in the last 24 hours to trade at $50,122 as of 4:50 a.m. EST time. Trading volume soared nearly 100% amid broad market optimism after the BTC price breached the $50,000 milestone, a level last seen in December 2021. The surge saw nearly $135 million in short positions liquidated against around $65 million in long positions.
Bitcoin Price To Hit $600,000 In An Extended Bull Run
In a Tuesday post on X, advisor and early Bitcoin evangelist Tuur Demeester said the Bitcoin price could shoot to $600,000 by 2026. Demeester is renowned for his decade-long contributions to the BTC arena, with multiple instances between 2019 and 2020 where he gave accurate predictions. The analysts also made an accurate forecast of the most recent milestone for the Bitcoin price, reclaiming the $50,000 level, even as Demeester foresees an extension to $100,000. Elsewhere, analyst Michael Van de Poppe told his 693k followers on X that Bitcoin is now in “easy bubble” mode, fuelled by the buying of trillion-dollar asset managers such BlackRock and Franklin Templeton via their new Bitcoin ETFs. He sees BTC soaring to between $250k and $600k.
Bitcoin Price Prognosis Amid Increased Capital Inflow Into The Sector
The Bitcoin price breached the $50,000 milestone, with eyes now peeled on the $60,000 psychological level, standing 20% above current levels. The cryptocurrency is already overbought, but considering the RSI inclination to the north, momentum is still rising. This means the upside potential remains alive for the Bitcoin price. Also, with the MACD moving above its signal line and the histogram bars flashing green, the bulls maintain a strong presence in the BTC market.
If the bears start cashing in on the gains made so far, the Bitcoin price could pull south. This could see the Bitcoin price drop into the supply zone between $44,300 and $46,760. Investors looking for other ways to play the Bitcoin bull run should consider BTCMTX, a native crypto for the Bitcoin Minetrix ecosystem.
Promising Alternative To Bitcoin
BTCMTX provides investors entry into the BTC space ahead of the halving event in April. Analysts list BTCMTX among their top choices for penny cryptos with the potential for explosive growth. The project operates as a tokenized cloud-mining platform where community members can mine BTC in a decentralized fashion. Token holders can stake their holdings for mining credits and then redeem these credits for mining hash power. The project ensures that investors do not have to deal with the challenges of high hardware costs and deceptive frauds, ensuring an effortless way to access Bitcoin mining.
Hot Take
If you’re looking for an alternative to Bitcoin, BTCMTX could be an excellent option, offering a cost-effective and secure entry into the BTC space, while the Bitcoin bull run continues to gain traction. With the potential to soar to $600,000 by 2026, BTCMTX could be a promising investment option to consider.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.