After a breakout that has seen Bitcoin’s price rise up to a high of $48,000, things have quieted down a bit. It’s great that the price didn’t revert back to sub-$40K levels. Bitcoin has held its ground relatively well around $45,000, trading just above or below that line. A breakout isn’t expected this week, but if Bitcoin can climb a bit higher in the coming weeks, it could very well test $50,000.
Regardless of the price, there’s a major catalyst on the horizon this week that can further boost the prices. The Bitcoin 2022 Conference will be held in Miami, Florida for the first time, and may see announcements that can lead to massive price buoys.
Big Week for Crypto
Analysts are expecting a truly big week for cryptocurrencies this week. For the first time, the Bitcoin 2022 Conference will be held in Miami, and it’s believed to be a major catalyst that can move cryptos ahead. Experts believe that the event, scheduled to run from Saturday to Wednesday, will help Bitcoin go over its 200-day moving average which has been a short-term resistance ($48,300). If that happens, $50,000 is right down the sights.
The annual crypto conference may be the boost crypto needs right now. In just a week’s time, we may see Bitcoin rise above $50,000, which is a price point that we haven’t seen for months. It’s been a tough time for the crypto market until a few weeks ago when the $40,000 barrier was broken. Things have been great since then, but now it’s time for a new jump.
Bitcoin’s top competitor, Ethereum, was dangling above the $3,500 level early on Tuesday. Of course, both it and Bitcoin are pretty far away from their record prices, but considering the state the market’s been in the past few months, recent prices are great. Bitcoin dragged the altcoin market up as well, with memecoins doing pretty well, including 5% and 1% gains for Dogecoin and Shiba Inu too.
Tech Company Stocks Can Move the Needle Too
While Bitcoin and its peers are supposed to trade independently of mainstream financial markets, they’ve recently shown they move in pair. Recent crypto price hikes have been seen rising along with stocks which is definitely a new moment for DeFi. More specifically, crypto prices have been on the rise with technology stocks, as seen with Twitter on Monday.
For those unaware, longtime Bitcoin fan and Tesla CEO Elon Musk bought a majority share of nearly 10% at Twitter. The company rallied 27% early on Monday and sent crypto prices upward. Other tech company stocks may further boost the price with new developments in that space.
One thing is clear. While we didn’t get the prices reported by analysts late last year, crypto is making a great comeback. Bitcoin’s latest price boosts are just the beginning. With tech stocks rising and the Bitcoin conference coming up, it’ll be a great month for crypto owners and investors.