Bitcoin, which trades at $30,300 at the time of writing, is not in top form. But he continues a formidable ascent, and this in a discreet way. How long can he hold out? 35,000, 50,000, 100,000 or 1 million dollars? Many allow themselves to predict an imminent bull run for BTC. And they are absolutely right to bet on him because the current indicators do not lie.
Bitcoin, a breakthrough that will propel it to $50,000
There are only skeptics like Warren Buffet and Peter Schiff who continue to denigrate bitcoin these days. Even the biggest haters of the cryptobeacon changed their minds after this asset began a descent into hell, to brush against the $15,700 in Novemberbefore rebounding to double its valuation in November 5 months later.
Using the content of this tweet from Stockmoney Lizards, finbold highlighted bitcoin’s latest sprints amid economic uncertainty. The aforementioned “pre-halving rally” indeed highlights a 320% increase, a situation similar to that experienced by bitcoin in 2020 during which he experienced the discomfort of the $6,000 floor.
Also, it should be noted that BTC hit a 38.2% Fibonacci retracement in two time frames.
Furthermore, this cryto analyst advanced that bitcoin will hit $49,000 in the near future. Taking into account the historical evolution of prices, this figure appears as a ” possible goal for the next month “.
The same analyst also argued that:
- the price of BTC will be halved in April or May 2024, as on occasion the block reward will drop to 3.125;
- the bullish sentiment of bitcoin would be linked to such phenomena.
Bull run and inflation
Some experts argue that the last rise in bitcoin price was due to lower inflation. Because in such circumstances, global banks opt for monetary easing strategies.
However, we all know that the FED has not yet abandoned its policy totally centered on systematic increases in its key rate. Strangely, this no longer affects bitcoin. Also, we should note that the banking crises (Signature Bank, Silicon Valley Bank, etc.) and the drop in consumer prices in China have given wings to the queen of cryptocurrencies. Enough to rekindle the flame of crypto-enthusiasts.
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