Bitcoin

when

Grayscale Bitcoin Trust

Rise

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-reaches-50000-analyzing-the-recent-price-surge/" data-wpel-link="internal">Bitcoin Reaches $50,000: Analyzing the Recent Price Surge</a><br></p>
<p style="text-align: justify">The largest cryptocurrency <strong><a href="https://en.coin-turk.com/bitcoin-price-shows-signs-of-recovery-while-altcoins-struggle-pay-attention-to-these-altcoins/" data-wpel-link="internal">Bitcoin</a></strong> has reached $50,000 for the first time since December 2021, marking a notable achievement after nearly two years of a downward trend. Currently, factors such as the approval of the US’s first spot Bitcoin ETF, reduced outflows from Grayscale Bitcoin Trust (GBTC), and the upcoming block reward halving are contributing to Bitcoin’s meteoric rise. Indeed, Bitcoin’s price has seen a 15% increase in value over the last seven days. This situation has prompted well-known market observers to shed light on BTC’s future trajectory and analyze market conditions.</p> 
<h2 style="text-align: justify" id="strong-how-high-can-bitcoin-go-strong"><strong>How High Can Bitcoin Go?</strong></h2> 
<p style="text-align: justify">Popular analyst <strong>Dan Gambardello</strong> points to a historical model suggesting that after closing a monthly candle above a bull market threshold, Bitcoin’s price tends to reach all-time highs within 1-3 months. According to Gambardello, for BTC to break through this cycle’s threshold, it needs to close a monthly candle above $57,000 in this cycle.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-314103" src="https://coin-turk.com/wp-content/uploads/2024/02/Bitcoin-1.jpeg" alt="" width="2048" height="1281"></p> 
<p style="text-align: justify">Another cryptocurrency analyst <strong>CryptoCon</strong> has added a new layer to Gambardello’s analysis by examining Bitcoin’s adherence to “Magic Bands” levels. Despite recent fluctuations, Bitcoin appears to be moving according to these levels. Currently, Level 2 is at $49,600 and Level 3 at $84,500. Reaching Level 3, historically unprecedented outside of a cyclical upper parabolic context, would represent a significant milestone if the current price trajectory continues.</p> 
<h2 style="text-align: justify" id="strong-potential-for-a-price-pullback-strong"><strong>Potential for a Price Pullback</strong></h2> 
<p style="text-align: justify">Not all analysts share a uniform bullish outlook. According to CryptoQuant’s data, the current SOPR Ratio is likely signaling a price correction. For those unfamiliar, SOPR is a popular on-chain metric used to analyze market sentiment and behavior by comparing the value of spent outputs at the time of spending (realized value) with their value when they were created.</p> 
<p style="text-align: justify">Similarly, Bitcoin’s current position indicates that investors in profit are taking the opportunity to realize and sell their unrealized gains, a behavior typically associated with “Smart Money.” Notably, renowned analyst <strong>Ali Martinez</strong> has warned about a BTC pattern that has been evident for the past two years. Martinez emphasizes that when BTC’s 30-day MVRV Ratio (Market Value – Realized Value) exceeds 11.50%, a correction phase tends to follow, and the ratio has once again approached the 11.5% threshold.</p> 
<h2 style="text-align: justify" id="strong-did-bitcoin-rise-to-50-000-without-fomo-strong"><strong>Did Bitcoin Rise to $50,000 Without FOMO?</strong></h2> 
<p style="text-align: justify">Most analysts continue to expect a rise based on Bitcoin’s momentum, noting that the potential liquidation of short positions could fuel further upward movement. In this context, liquidations of 57,000 investors totaling $191 million were recorded in the last 24 hours.</p> 
<p style="text-align: justify">Interestingly, despite increased accessibility through spot ETFs, searches for “Bitcoin” on search engine giant <strong>Google</strong> have remained unchanged over the past few weeks. This suggests that BTC is still not attracting mainstream interest.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-reaches-50000-analyzing-the-recent-price-surge/" data-wpel-link="internal">Bitcoin Reaches $50,000: Analyzing the Recent Price Surge</a></h5>

Bitcoin Reaches $50,000: Analyzing the Recent Price Surge

Table of Contents

COINTURK NEWS

Other articles published on Feb 13, 2024

SEC chair goes back 11 years to find relatable examples of AI in pop culture

Bitcoin Pre-Halving Rally ‘Has Begun,’ but Ethereum and Altcoins Will Follow BTC – Here’s Why

Pyth Network (PYTH) shares the spotlight with competitor Chainlink (LINK) as focus shifts to Rebe...

School Teacher Turned Crypto Millionaire Reveals The Two Coins He is Betting on in 2024

Crypto Analyst Unveils The Best Gaming Altcoins For This Bull Run

Ethereum NFTs Are So Back – Another EtherRock NFT Has Just Sold For $700K

Join our free newsletter for daily crypto updates!