The Bitcoin market saw another rally in the early hours of Monday, as efforts to bounce back from the critical $38,000 support area persist. It seems that the BTC price is displaying bullish momentum. Is Bitcoin poised to reach $50,000 next? Let’s take a look at this Bitcoin price forecast article in more detail.
The current Bitcoin scene paints a picture of dynamism, with the price standing at $43,450, a 24-hour trading volume rocking at $28.16 billion, a market cap of $852.18 billion, and market dominance cruising at 50.81%. In the last 24 hours, Bitcoin showed a 2.87% price bump, marking its presence with authority.
Bitcoin’s journey has seen the pinnacle on Nov 10, 2021, when it scaled the heights of $68,770. However, rewind to the early days of Jul 17, 2010, and it was chilling at its all-time low of $0.050000. Since its ATH, the lowest Bitcoin went was $15,599, a cycle low, while the highest in the current cycle touched $48,941, marking a cycle high. The sentiment in the air is bullish, and the Fear & Greed Index clocks in at 61 (Greed).
With a circulating supply of 19.61 million BTC out of a max supply of 21.00 million BTC, the yearly supply inflation rate is 2.06%, bringing 395,869 BTC into the world in the last year. Bitcoin stands tall as the numero uno in the Proof-of-Work Coins sector and holds the crown in the Layer 1 sector.
Bitcoin Price Forecast: Why is the BTC price up?
The news on the money front – the U.S. Commerce Department just spilled the beans that prices, excluding food and energy, went up by 2.9% in December 2023. Why should you care? Well, this is the kind of info the U.S. Federal Reserve uses to decide on interest rates. Good news is, things are looking up, and it seems like the Fed’s handling inflation without causing a financial rollercoaster. The U.S. gross domestic product (GDP) grew by 3.3% in the last quarter of 2023.
Bitcoin got a thumbs-up from the traditional finance bigwigs recently. According to a report from JP Morgan, the outflows from the Grayscale GBTC spot Bitcoin ETF have likely hit their peak. This suggests that the “downward pressure on Bitcoin from that channel should be largely behind us.”
Senior Bloomberg ETF analyst James Seyffart, summing it up on the X social network, highlighted that the net outflows from the U.S. spot Bitcoin ETFs on Jan. 30 is $191.7 million. Looks like Bitcoin is catching some positive vibes from the financial arena!
Bitcoin Price Forecast: BTC Price to reach $50,000?
Bitcoin kept its cool above the $42,000 mark this Monday, showing some resilience after a bit of a weekend rollercoaster. The price even made a stylish entrance above the $40,000 mark, and now it’s eyeing two VIP levels at $43,610 and $45,520. These are like the red carpets in Bitcoin’s upward journey. If things keep going the way they are – bouncing back from the crucial $40,000 zone – we might just witness a grand comeback to $46,000. But, hold on to your hats, if we see a daily candlestick closing below $39,900, it could be a bit of a party pooper, and the price might take a dip to the support zone between $38,300 and $38,600.
Bitcoin is putting on its bullish shoes with a breakout that’s got everyone talking – the inverted head and shoulders pattern is the star of the show. Buyers are feeling the excitement, expecting a strong trend to take over the Bitcoin scene. What’s the goal? Well, the post-breakout rally is eyeing that $48,000 mark, with hopes high for a daring move to challenge the $50,000 swing high.
Where to Buy Bitcoin in 2024?
Ethereum can be purchased on various exchanges, with Bitget being a notable option. Bitget offers a user-friendly platform with robust security measures, making it an excellent choice for buying and trading Ethereum. Additionally, Bitget fees are one of the lowest in the market, so you won’t have to worry about high fees if you trade regularly.