- ETF speculation and other factors have led to over a 22% increase in Bitcoin price in a month, triggered by the loose policy of the US Federal Reserve.
- Another popular analyst mentioned on Binance Spot that “bids are being sold and filled.” Despite clearing open positions on Binance and Bybit, bids are pulling the price upwards.
- Julio Moreno, the Head of Research at CryptoQuant, pointed out that some on-chain metrics indicate that BTC price has become ‘overheated’ after the recent rally.
Expectations for spot Bitcoin ETFs and other factors are strengthening the Bitcoin price: will the target of $50,000 be achieved?
Will Bitcoin Price Reach $50,000?
Rising speculation about spot Bitcoin ETFs and other factors have caused Bitcoin’s price to rise by over 22% in a month, triggered by the loose policy of the US Federal Reserve. Popular analysts noted that the buying opportunity around the key support level of $43,000 is being evaluated by retail investors after a rally led by institutional investors. Will BTC price surpass $50,000 next week?
Popular analyst CredibleCrypto revealed in his recent post on X that $30 million worth of spot purchases emerged from near support levels. He had previously predicted that Bitcoin would fall below local low levels. However, incoming bids largely indicate bullish sentiment. He believes that if spot BTC purchases continue, BTC price could surpass $50,000 next week.
Another popular analyst mentioned on Binance Spot that “bids are being sold and filled.” Despite clearing open positions on Binance and Bybit, bids are pulling the price upwards. Traders should wait for the RSI to jump above 50 and the price to hold the 4-hour 21EMA.
COINOTAG previously reported that Michael van de Poppe, John Bollinger, and Ali Martinez predicted a rally towards $50,000 for Bitcoin. Analysts are confident about strong upward momentum and BTC price closing the year strongly.
Miners Continue to Hold Their BTC
Julio Moreno, the Head of Research at CryptoQuant, pointed out that some on-chain metrics indicate that BTC price has become ‘overheated’ after the recent rally. The Bull-Bear Market Cycle Indicator shows an overheated bull phase for the first time since July. Also, Miner’s Position Index indicates that miner rewards are increasing much faster than mining difficulty. However, this overheated bull phase and increasing miner profits are based on writings on the Bitcoin blockchain. Miners continue to hold their BTC assets.
BTC price is currently trading at $43,170, and previous gains are reduced due to the $39,700 gap on CME. The low and high values in the last 24 hours are $42,880 and $43,951, respectively, and the trading volume has slightly increased in the last 24 hours.
