What’s Next For Bitcoin Price As 7 Days Winning Streak Hits $50k?
Release: 2024/02/13 04:14 Reading: 826
On February 12th, the Bitcoin price finally hit the $50,000 barrier for the first time in two years, marking a significant milestone with a 3.8% increase within the day. This surge pushed Bitcoin past the previous resistance level of $49,000, effectively reversing the losses triggered by the introduction of a spot BTC ETF. Is this recovery on track to surpass BTC’s historical peak of $68,789?
Also Read: Breaking: Bitcoin Leads With $1.09 Bln Inflow Amid Bullish Outlook On ETH & ADA
Is Bitcoin Price Recovery Sustainable?
Following the launch of Spot Bitcoin ETFs on January 11th, BTC’s value experienced a notable correction, plummeting 21% from $49,000 to $38,542. This decline was largely influenced by the bearish sentiment fueled by significant outflows from Grayscale $GBTC.
However, the narrative began to shift as the daily inflows into these ETFs caught the market’s attention, demonstrating renewed investor confidence. This change in sentiment was underscored by the remarkable achievement of nine Spot Bitcoin ETFs, which collectively reached an Assets Under Management (AUM) milestone of $10 billion within just a month of their launch.
Consequently, the Bitcoin price saw a vigorous rebound from its late January low of $38,542, surging nearly 30% in the following three weeks to a current trading price of $49,912
Adding to the bullish note, Anthony Pompliano, founder of Pomp Investments recently on Squawk Box said.
The inflows, these funds are doing $500 million a day of net inflows. But there’s only 900 Bitcoin that is actually coming into the daily incoming supply. And so when you look at that, it’s like $40 to $45 million. There’s 12.5x more demand for Bitcoin than what’s being produced on a daily basis.
Later Pompliano added, “Halving is coming, so we’re going to go from 900 Bitcoin to 450 Bitcoin a day. I mean, this thing’s going back to its all-time high”.
₿???????: Wall Street ETFs are buying 12.5x more #bitcoin per day than the network can produce, increasing the demand and price.pic.twitter.com/RHmkGw8k1o
— Documenting ₿itcoin ? (@DocumentingBTC) February 12, 2024
Also Read: Bitcoin Breaks $50K, Here’s What You Should Know
What does BTC’s Technical Analysis Say?
Amid the recent jump, the BTC price gave a bullish breakout from the cup-and-handle pattern. A bullish reversal pattern commonly spotted at the bottom of a downtrend signals an early sign of trend reversal and a new entry opportunity for traders.
This pattern developing for nearly two years is poised to have a major impact on Bitcoin price. Currently trading at $49912, the price will likely witness a minor pullback in the coming days to showcase its sustainability for higher levels.
If the pattern holds true, the BTC price is set to chase a potential target of $82250.
- Exponential Moving Average: An upswing in the daily EMAs(20, 50, 100, and 200) reflects the market sentiment aligned with the bullish trend.
- Average Directional Index: The ADX slope uptick at 21% indicates the buyers have sufficient momentum to prolong the current rally.
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