Bulls Run as Bitcoin Soars to Two-Year High, Eyes on $50k Milestone
Summary:
Bitcoin (BTC) mirrored a renewed enthusiasm amongst institutional investors by seeking new two-year highs on Feb. 12. With BTC values crossing $49,000, traders and experts are debating the cryptocurrency's potential to breach the $50,000 mark. Meanwhile, Bitcoin's exchange-traded funds (ETFs) in the U.S. saw increased interest, contributing to Bitcoin's widespread optimism. Some analysts suggest ETFs alone could spur Bitcoin's price to challenge its all-time high.
On February 12, Bitcoin (BTC) started the Wall Street trade day on a high note, reaching new biennial peaks as institutions' enthusiasm for the cryptocurrency intensified. Data provided by Cointelegraph Markets Pro and TradingView saw BTC move beyond the $49,000 mark. Bulls initially maintained the momentum, clocking in at $48,800 before a market pull back slashed $1,000 off within an hour. Given the substantial resistance ahead, the dynamics of buyers and sellers became a central discussion point. Cryptocurrency trader and educator Mac suggested that Bitcoin is poised for a significant upswing, with sights set on the $50,000 milestone. Another trader, Jelle, expressed his belief that BTC/USD was ready to take on its all-time high, which is around $20,000 ahead. Despite the prevailing optimism, some like Keith Alan, the co-founder of trading resource Material Indicators, proceeded with caution regarding the $50,000 threshold. According to him, Bitcoin might need to reassess its support base before making another upward move. However, he also advised traders to keep an open mind for an opposing outcome. Alan pointed to the $48,300 point — calculated from 2021's highest level — as significant. In the US, Bitcoin's exchange-traded funds (ETFs) gained growing attention, especially after inflows recorded their second-best day the previous week, raking in over $400 million in a single day amongst nine products on February 9. Arkham's latest data showed net outflows from the Grayscale Bitcoin Trust (GBTC) at about 2,900 BTC ($140 million) as of February 12. Daan Crypto Trades noted that GBTC's outflows remain relatively low and that ETF flows had shown positive growth for 11 consecutive days. There is a growing belief that the ETFs alone could boost Bitcoin's price, even pushing it to challenge its all-time high in the near future. It should be noted that investing and trading involve risks and readers should conduct thorough research before making any decisions.
Published At
2/12/2024 6:14:24 PM
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