In a dramatic turn of events, Bitcoin decided to stop sulking in the corner and made an impressive comeback this week. It climbed all the way up to a whopping $48,207, its highest point since it last got stuck on top of the tree back in January. This sudden burst of energy comes after weeks of lounging around like a lazy cat due to worries about institutional outflows and post-ETF price dip blues. Now everyone’s wondering what kindled this fiery revival? And can our digital dragon finally jump over that next hurdle without tripping?
Bitcoin Catches a Favorable Breeze
Here’s what’s been giving Bitcoin that extra push on its swing recently:
- Spot ETF Momentum – The much-hyped launch of spot Bitcoin ETFs in January seems to be finally paying off. It’s like the party guests who arrive late but bring the best snacks, sparking interest and potential inflows.
Bitcoin currently tradingSponsored Product at $47,335 on the daily chart because TradingView said so!
Can Bitcoin Defeat The Resistance Dragon?
Despite all this sunshine and rainbows, there are still some storm clouds looming:
- Resistance at $48,500 – Our dear old Bitcy faces an uphill battle at $48,500. Breaking through this barrier is like trying to get through the final level of a video game without any cheat codes.
- Post-ETF Sell-off – Even with its recent energy drink-fueled surge, Bitcoin still hasn’t managed to reach its pre-ETF highs. This has sparked concerns about a potential sell-off once the initial party poppers have been popped.
- Volatility Reigns Supreme – Crypto remains as unpredictable as your cat’s mood swings. Predicting future price movements in this market is like trying to predict what color socks your grandma will knit you for Christmas next year.
Experts Chime In: Bitcoin At $52K?
Sylvia Jablonski, CEO of Defiance ETFs (and no relation to The Office’s Jim Halpert), attributes the price appreciation to “recent inflows into spot ETFs, halving prospects and general market momentum.” However, she warns that breaking through resistance levels isn’t always guaranteed – kind of like how finding a parking space at Walmart on Black Friday isn’t guaranteed either.
Meanwhile Markus Thielen, founder of 10x Research and head honcho at Matrixport predicts more rise in bitcoin prices using Elliott Wave theory which assumes that prices move in repeating wave patterns just like those annoying seagulls at the beach!
Accordingly Mr.Thielen believes BTC has begun its fifth impulsive stage aiming for $52k by mid-March after completing wave 4 retracement and correcting down towards $38.5k
Featured image from Adobe Stock because we couldn’t afford Shutterstock; chart from TradingView because they’re awesome
Please note : This article was written purely for educational purposes or maybe just our amusement! It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments. Investing is risky business folks! You are advised to do your own research before making any investment decisions and remember, don’t believe everything you read on the internet!
Bitcoin Back Above $48,000 – Is This The Springboard To $52,000?