Bitcoin Price Surges to $44,000 as Optimism Returns
Bitcoin (BTC) has experienced a surge in price, crossing the $44,000 threshold and reaching its highest point in 10 days. This increase can be attributed to two factors: the anticipation of the approval of the first Bitcoin exchange-traded fund (ETF) and a rise in whale wallets.
A total of 22 crypto wallets holding over 100 BTC each have reentered the network after a two-week decline. This has contributed to the flagship decentralized finance (DeFi) asset hitting $44,200, according to data shared by the crypto market intelligence platform Santiment.
Santiment’s team also noted that Bitcoin’s daily relative strength index (RSI) dropped below 45 for the first time since October 15. They believe that if these two signals remain favorable, Bitcoin could continue its upward trend towards $45,000.
Bitcoin Price Analysis
As of now, Bitcoin is trading at $43,829. It has seen a 2.48% increase in the last 24 hours, a 2.16% gain over the previous seven days, and a significant 17.58% advance on its monthly chart.
Analysts predict that Bitcoin is likely to reach $45,000 in the near future, with $50,000 also being a possibility. Trader Tardigrade, a pseudonymous crypto market analyst, believes that Bitcoin’s breakout at $42,500 and successful retest indicate a potential move towards $50,000.
Crypto trading expert Michaël van de Poppe suggests that Bitcoin may test the area just below $50,000 before the approval of the first spot BTC exchange-traded fund. He believes that the recent lows have been tested and the correction is over.
Hot Take: Bitcoin’s Price Surge Points Towards a Bullish Trend
The recent surge in Bitcoin’s price to $44,000 indicates a return of optimism in the cryptocurrency market. With the anticipation of the first Bitcoin ETF approval and an increase in whale wallets, Bitcoin is poised for further growth.
Analysts predict that Bitcoin could reach $45,000 and even potentially surpass $50,000. The successful breakout at $42,500 and subsequent retest suggest a bullish trend for the cryptocurrency.
As the market continues to evolve, it will be interesting to see how Bitcoin’s price develops in the coming weeks.
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