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Bitcoin Breaks $50,000: What to Expect When You Are Expecting?

On Tuesday, Bitcoin broke a new ATH of $50,000 after failing to cross the psychological barrier earlier. This is a day after a quick recovery from a nearly $2 billion liquidation in the crypto market. It follows a week of bullish news including Tesla’s Bitcoin purchase. It follows Microstrategy’s announcement on planning to raise $600 million to buy Bitcoin.

The surge to $50,000 was expected. But it immediately experienced a drawdown to $48,451 after hitting the ATH. At 13:55 GMT on Tuesday, the coin traded on exchanges at $49,045, a 2.23% gain in the last 24 hours.

The surge was expected to have occurred earlier after bulls took over the market post-Tesla‘s BTC acquisition news.

Bulls still have a strong grip on the market

Analysts at Deribit Insights, a digital assets analysis firm, noted that it was BNY Mellon entrance into the market that managed to change the perspective of investors.

They stated:

While BTC pulled back 10% from ATH, Feb Implied Vol pruned, suggesting gamma impacted players flat-long post-Tesla news. Options volumes exploded in Asian hours: Calls unwound, buyers near-OTM Puts x3k, bearish bias as BTC46k.

According to the orderbook from the Binance exchange platform, sellers were lined up between $49,500 and $49,000 with support increasing at $46,500.

Bitcoin to continue to soar

In the past few weeks, Bitcoin has shown that it’s not slowing down. Although many were already confident in its growth, it was the  entrance of corporations that led to the surge.

Tesla’s BTC purchase and Mastercard’s anticipated introduction of crypto payment were significant in shaping outlook towards the king cryptocurrency.

The positive outlook towards the coin rose to unprecedented so much so that CNBC host Jim Cramer said last week:

I think it’s almost irresponsible not to include it — every treasurer should be going to boards of directors and saying, ‘Should we put a small portion of our cash in Bitcoin?’

Simon Peters, cryptoasset analyst at multi-asset investment platform eToro, forecast $70,000 hitting in 2021:

While we may see short-term upside in the price of bitcoin and other cryptoassets as a result of this, Mastercard’s announcement — coming so soon after Tesla’s own comments earlier this week — has real long-term implications for bitcoin and its peers. Bitcoin and its peers are quite simply, going to be part of the mainstream financial universe sooner rather than later. I expect demand to surge and see bitcoin prices hitting at least $70,000 by the end of this year.

It’s expected that post this break of the $50,000 psychological barrier, Bitcoin may fall a little for price correction before beginning a new bull run.

If you have any questions and comments on Bitcoin today, use the form below to reply.

© IbrahimAnifowoshe for Commodity Blog, 2021. | Permalink | No comment |
Published under: Technical Analysis

Via Commodity Blog https://bit.ly/2OA2lVq