{"id":574740,"date":"2024-02-12T16:40:39","date_gmt":"2024-02-12T16:40:39","guid":{"rendered":"https:\/\/wncen.com\/?p=574740"},"modified":"2024-06-11T08:37:26","modified_gmt":"2024-06-11T08:37:26","slug":"breaking-bitcoin-price-hits-50000-the-big-question-how-much-higher-can-btc-go","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/breaking-bitcoin-price-hits-50000-the-big-question-how-much-higher-can-btc-go\/","title":{"rendered":"BREAKING: Bitcoin Price Hits $50,000 – The Big Question: How Much Higher Can BTC Go?"},"content":{"rendered":"

The Bitcoin price has experienced a significant surge, surpassing the $50,000 mark as Wall Street exchange-traded funds (ETFs) gained approval from the US Securities and Exchange Commission (SEC) on January 11.\u00a0<\/span><\/p>\n

This bullish momentum, coupled with increased ETF demand, has propelled Bitcoin into a fully-formed bull run just months ahead of the anticipated halving event, which is expected to further amplify the ongoing uptrend.<\/span><\/p>\n

Wall Street ETFs Drive Bitcoin Demand<\/span><\/h2>\n

In a recent CNBC <\/span>interview <\/span><\/a>with Anthony Pompliano, it was revealed that Wall Street ETFs are buying approximately 12.5 times more Bitcoin per day than the network can produce.\u00a0<\/span><\/p>\n

This surge in demand from institutional investors has contributed to the price appreciation of Bitcoin. Pompliano asserts that Bitcoin has become Wall Street’s preferred asset and predicts that the increased demand through ETFs could lead to a significant rise in its price.<\/span><\/p>\n

Related Reading: ERC-404 Euphoria Push Ethereum Gas Fees To 8 Month High<\/a><\/div>\n

On the other hand, analytics firm Material Indicators has <\/span>identified <\/span><\/a>$53 million in Bitcoin buy orders stacked at the $50,000 level on the Binance order book. This\u00a0<\/span>substantial demand indicates strong investor interest in Bitcoin at this price point.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC Buy orders at $50,000 on Binance. Source: Material Indicators<\/a><\/figcaption><\/figure>\n

However, the firm believes that a price retest of support levels may be imminent, although the timing remains uncertain.\u00a0<\/span><\/p>\n

Bitcoin Price Rally Faces Potential Correction?<\/span><\/h2>\n

If the Bitcoin price successfully breaks above the $50,000 level, Material Indicators anticipate minimal resistance on the path to $52,000 and $58,000. This scenario raises the possibility of a substantial short squeeze, as investors who have bet against the asset may be forced to cover their positions, further driving up the price.\u00a0<\/span><\/p>\n

However, the highly anticipated inflation report scheduled for Tuesday could potentially trigger a correction in the market, as its findings may impact investor sentiment and market dynamics.<\/span><\/p>\n

Related Reading: Top-Trader Picks Cardano As Bull Market Leader: Here\u2019s Why<\/a><\/div>\n

Overall, Bitcoin’s price surge above $50,000 is attributed to the approval of Wall Street ETFs and the subsequent increase in institutional demand. The influx of capital from these ETFs has contributed to Bitcoin’s bullish momentum, with expectations of further price appreciation.\u00a0<\/span><\/p>\n

As BTC continues to capture Wall Street’s attention, market participants eagerly await further developments and potential Bitcoin price movements to the upside, with potential corrections ahead.\u00a0<\/span><\/p>\n

\"Bitcoin
Bitcoin Price Reaches $50,000 on Bitstamp Daily Chart. Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Currently, the Bitcoin price has risen over 3.4% in the past 24 hours, coupled with a seven-day uptrend of 16%.<\/span><\/p>\n

Featured image from Shutterstock, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin price has experienced a significant surge, surpassing the $50,000 mark as Wall Street exchange-traded funds (ETFs) gained approval from the US Securities and Exchange Commission (SEC) on January 11.\u00a0 This bullish momentum, coupled with increased ETF demand, has propelled Bitcoin into a fully-formed bull run just months ahead of the anticipated halving event, which is expected to further amplify the ongoing uptrend. Wall Street ETFs Drive Bitcoin Demand In a recent CNBC interview with Anthony Pompliano, it was revealed that Wall Street ETFs are buying approximately 12.5 times more Bitcoin per day than the network can produce.\u00a0 This surge in demand from institutional investors has contributed to the price appreciation of Bitcoin. Pompliano asserts that Bitcoin has become Wall Street’s preferred asset and predicts that the increased demand through ETFs could lead to a significant rise in its price. Related Reading: ERC-404 Euphoria Push Ethereum Gas Fees To 8 Month High On the other hand, analytics firm Material Indicators has identified $53 million in Bitcoin buy orders stacked at the $50,000 level on the Binance order book. This\u00a0substantial demand indicates strong investor interest in Bitcoin at this price point.\u00a0 However, the firm believes that a price retest of support levels may be imminent, although the timing remains uncertain.\u00a0 Bitcoin Price Rally Faces Potential Correction? If the Bitcoin price successfully breaks above the $50,000 level, Material Indicators anticipate minimal resistance on the path to $52,000 and $58,000. This scenario raises the possibility of a substantial short squeeze, as investors who have bet against the asset may be forced to cover their positions, further driving up the price.\u00a0 However, the highly anticipated inflation report scheduled for Tuesday could potentially trigger a correction in the market, as its findings may impact investor sentiment and market dynamics. Related Reading: Top-Trader Picks Cardano As Bull Market Leader: Here\u2019s Why Overall, Bitcoin’s price surge above $50,000 is attributed to the approval of Wall Street ETFs and the subsequent increase in institutional demand. The influx of capital from these ETFs has contributed to Bitcoin’s bullish momentum, with expectations of further price appreciation.\u00a0 As BTC continues to capture Wall Street’s attention, market participants eagerly await further developments and potential Bitcoin price movements to the upside, with potential corrections ahead.\u00a0 Currently, the Bitcoin price has risen over 3.4% in the past 24 hours, coupled with a seven-day uptrend of 16%. Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":574743,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,485,656,679,755,768,1119,1144,8390,78790,6664,1558],"class_list":["post-574740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-chart","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-technical-analysis","tag-bitcoin-trading","tag-btc","tag-btcusd","tag-btcusd-price","tag-btcusdt","tag-crypto","tag-cryptocurrency"],"acf":[],"yoast_head":"\nBREAKING: Bitcoin Price Hits $50,000 - The Big Question: How Much Higher Can BTC Go?<\/title>\n<meta name=\"description\" content=\"The Bitcoin price has experienced a significant surge, surpassing the $50,000 mark as Wall Street ETFs gained approval from the US SEC.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/breaking-bitcoin-price-hits-50000-the-big-question-how-much-higher-can-btc-go\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BREAKING: Bitcoin Price Hits $50,000 - 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Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. 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