It’s been a crazy few months for Bitcoin, first falling to the depths under $20,000 only to recover unexpectedly and rise toward $50K once again. In the past week or so, the leading cryptocurrency has been on a roll, constantly fluctuating between $45,000 and $50,000. It has broken the upper limit a few times, yet took a dip as soon as it did.
At the moment, $50K remains well out of Bitcoin reach. However, bulls are optimistic at a $49,000 return, which would put Bitcoin in prime position to finally get over the elusive $50,000 mark.
A Move to $48,500 Beckons
Before it heads to $50,000 territory, Bitcoin must first break the $49,000 deadlock. For that to happen, bulls need it to get to $48,500 first. As soon as it reaches that peak, Bitcoin could make a move to $50K which will hopefully last longer this time around.
The magical $50K deadlock has been tried and tested more than a few times, but unsuccessfully. It seems that Bitcoin can get past that mark, although bulls and many experts expect such a move soon. At the moment, Bitcoin’s price tests the lower levels of $47,000 and hasn’t been able to jump much higher. Considering the volatility of the market, though, it could happen soon.
Investors are optimistic. If the price can stay over $48,000, good volumes and new support levels could see it breaking the $50K ground. The expected range for next week is $44,000-$50,000. A volatile week is ahead of the world’s largest cryptocurrency, but overall, great things are expected moving forward.
The good news is that the legal market is shifting, with many companies accepting Bitcoin as legal tender and governments pondering similar options. Elon Musk, Jeff Bezos, and Barhuram Rajan, a former RBI governor have all voiced positive opinions on Bitcoin, putting the market into immediate overdrive.
Bitcoin’s price took a sharp jump up in June after dipping below $30,000 for the first time in months. It’s been a fairytale since then, with many optimistic that the price could go well over $50,000.
Altcoins and Ethereum Making Moves
Besides Bitcoin’s price hike, Ethereum has made a great jump as well. Altcoins have been making moves too. For example, Solana has jumped significantly in the past couple of months, crossing the $100 mark. Polkadot and Uniswap have made significant moves too, so Bitcoin’s price jump is affecting the market in many ways.
What can we expect in the coming months? While it’s hard to say, experts are clear that Bitcoin can break new records as soon as this winter. The crypto trading cycle always races toward the end of the year, so we could see a breakout price over $50,000 or higher pretty soon. Some industry experts believe that it’ll race to $100,000, although that could be too optimistic a prediction to come true.
It’s clear that the market is in full bull mode, even with the daily dips. Buying them promptly is a smart investment now, especially as Bitcoin gets closer to the elusive $50K.