5.8 C
London
Monday, February 26, 2024
HomeBitcoin NewsBitcoin Back Above $48,000 – Is This Level The Springboard To $52,000?

Bitcoin Back Above $48,000 – Is This Level The Springboard To $52,000?

Date:

Related stories

Cryptocurrency: 3 Coins That Could Surge in March

March is shaping up to be a pivotal month...

BRICS: 30 New Countries Prepare To Join Alliance in 2024

A handful of developing countries are preparing to join...

US Dollar Weakened: Gold Price Passes $2040

The US dollar has continued to weaken over the...

Shiba Inu Long-Term Prediction: Can SHIB Reach 50 Cents?

Shiba Inu is currently trading at $0.000009831 and is...

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?

Several factors are propelling Bitcoin’s recent rally:
While the outlook seems bright, challenges remain:
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.
Featured image from Adobe Stock, chart from TradingView
Christian is a journalist, editor and a former layout design consultant. Alongside his passion for writing, he is an avid fan of cryptocurrency and works tirelessly throughout the week. When he’s not on his computer, you can find him tinkering with his old motorbike as a grease monkey, or lounging on the patio hammock while pondering about artificial intelligence and whether he’ll ever understand his cat’s thoughts and calmness.
NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.
We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.
© 2024 NewsBTC. All Rights Reserved.
© 2024 NewsBTC. All Rights Reserved.

source

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

LEAVE A REPLY

Please enter your comment!
Please enter your name here