{"id":574122,"date":"2024-02-09T06:00:53","date_gmt":"2024-02-09T06:00:53","guid":{"rendered":"https:\/\/wncen.com\/?p=574122"},"modified":"2024-02-09T05:51:25","modified_gmt":"2024-02-09T05:51:25","slug":"boom-bitcoin-breaks-past-46000-eyes-50k-as-bullish-sentiment-returns","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/boom-bitcoin-breaks-past-46000-eyes-50k-as-bullish-sentiment-returns\/","title":{"rendered":"Boom! Bitcoin Barrels Past $46,000, Eyes $50K As Bullish Sentiment Returns"},"content":{"rendered":"

For the first time since the spot ETFs’ debut trade on January 11, Bitcoin (BTC) has surpassed $46,000<\/a>. According to data from Coingecko, BTC had increased 3.4% in the previous day to $46,075 at the time of publication, maintaining a 6% increase over the previous seven days.<\/p>\n

Related Reading: Bitcoin Nears $45,000 Level In Historic Price Surge Following Spot ETF Debut<\/a><\/div>\n

Bitcoin Flexes Muscles, Reclaims $46K Level<\/strong><\/h2>\n

Despite the approval of several eagerly awaited exchange-traded funds that were meant to strengthen its institutional legitimacy, Bitcoin’s 2024 has had a rough start. However, things are improving as Bitcoin is now again trading above the $46k territory.<\/p>\n

\"\"Laurent Ksiss, a specialist in crypto Exchange-Traded Products (ETPs) at CEC Capital, mentioned that if the current upward trend continues, breaking the $45,000 mark could bring early investors in the BTC ETF close to being profitable. He also suggested that this momentum might lead to some investors taking profits, potentially triggering a reversal and testing the $42,000 to $40,000 level.<\/p>\n

After the introduction of 10 ETFs in January, the price of BTC<\/a> experienced an unanticipated decline. The value plunged after momentarily touching $49,000 when one of the funds, Grayscale, began transferring significant portions of their cryptocurrency to Coinbase.<\/p>\n

BTCUSD currently trading at $46,165 on the daily chart: TradingView.com<\/a><\/pre>\n
This was due to the fact that, before Grayscale converted the Bitcoin Fund ETF<\/a> to an open-ended fund, investors had to hold their shares for a minimum of six months before they could cash out. Many of the investors were eager to cash out and redeem their shares when it became an ETF in January.<\/p>\n
Whale Appetite Up For BTC<\/strong><\/h2>\n
As a result, Grayscale sold enormous quantities of Bitcoin, which dropped in price. It was trading below $39,000 at one point. However, it appears that the sell-off is ended, and Bitcoin is rising once more, partly due to large holders acquiring the asset.<\/p>\n
\"\"<\/p>\n
Meanwhile, Markus Thielen, head of research at Matrixport and founder of 10x Research, says that Bitcoin (BTC) is headed towards $48,000 in the near future following its breakout driven by a solid track record of gains during the Chinese New Year festival.<\/p>\n
Since bitcoin often rises by more than 10% around Chinese New Year, beginning on February 10, the following few days are extremely important statistically, according to Thielen’s research from Thursday.<\/p>\n
Every time traders acquired bitcoin three days prior to the start of the Chinese New Year and sold it 10 days later, the price of bitcoin has increased during the previous nine years, according to Thielen.<\/p>\n
Related Reading: From Outage To Recovery: Solana Breaches $100 Barrier With Network Restart In Full Swing<\/a><\/div>\n
Bitcoin Seen Hitting $50K<\/strong><\/h3>\n
In a related development, LMAX Digital stated that it anticipates bitcoin to continue rising, maybe hitting the $50,000 mark.<\/p>\n
According to LMAX Digital, technically speaking, bitcoin has broken out of a range and may be aiming for a surge to a new yearly high through $50,000.<\/p>\n
Using Elliott Wave theory, a technical study that presupposes that prices move in repeating wave patterns, Thielen projected greater upside for bitcoin in the future.<\/p>\n
The concept states that price trends evolve in five stages, with waves 1, 3, and 5 serving as “impulse waves” that indicate the primary trend. Retracements between the impulsive price movement occur in waves two and four.<\/p>\n
Thielen said\u00a0Bitcoin has started its final, fifth impulsive stage of its rally, aiming to reach $52,000 by mid-March, after completing its wave 4 retracement and correcting to $38,500.<\/p>\n
Featured image from Adobe Stock, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
For the first time since the spot ETFs’ debut trade on January 11, Bitcoin (BTC) has surpassed $46,000. According to data from Coingecko, BTC had increased 3.4% in the previous day to $46,075 at the time of publication, maintaining a 6% increase over the previous seven days. Related Reading: Bitcoin Nears $45,000 Level In Historic Price Surge Following Spot ETF Debut Bitcoin Flexes Muscles, Reclaims $46K Level Despite the approval of several eagerly awaited exchange-traded funds that were meant to strengthen its institutional legitimacy, Bitcoin’s 2024 has had a rough start. However, things are improving as Bitcoin is now again trading above the $46k territory. Laurent Ksiss, a specialist in crypto Exchange-Traded Products (ETPs) at CEC Capital, mentioned that if the current upward trend continues, breaking the $45,000 mark could bring early investors in the BTC ETF close to being profitable. He also suggested that this momentum might lead to some investors taking profits, potentially triggering a reversal and testing the $42,000 to $40,000 level. After the introduction of 10 ETFs in January, the price of BTC experienced an unanticipated decline. The value plunged after momentarily touching $49,000 when one of the funds, Grayscale, began transferring significant portions of their cryptocurrency to Coinbase. BTCUSD currently trading at $46,165 on the daily chart: TradingView.com This was due to the fact that, before Grayscale converted the Bitcoin Fund ETF to an open-ended fund, investors had to hold their shares for a minimum of six months before they could cash out. Many of the investors were eager to cash out and redeem their shares when it became an ETF in January. Whale Appetite Up For BTC As a result, Grayscale sold enormous quantities of Bitcoin, which dropped in price. It was trading below $39,000 at one point. However, it appears that the sell-off is ended, and Bitcoin is rising once more, partly due to large holders acquiring the asset. Meanwhile, Markus Thielen, head of research at Matrixport and founder of 10x Research, says that Bitcoin (BTC) is headed towards $48,000 in the near future following its breakout driven by a solid track record of gains during the Chinese New Year festival. Since bitcoin often rises by more than 10% around Chinese New Year, beginning on February 10, the following few days are extremely important statistically, according to Thielen’s research from Thursday. Every time traders acquired bitcoin three days prior to the start of the Chinese New Year and sold it 10 days later, the price of bitcoin has increased during the previous nine years, according to Thielen. Related Reading: From Outage To Recovery: Solana Breaches $100 Barrier With Network Restart In Full Swing Bitcoin Seen Hitting $50K In a related development, LMAX Digital stated that it anticipates bitcoin to continue rising, maybe hitting the $50,000 mark. According to LMAX Digital, technically speaking, bitcoin has broken out of a range and may be aiming for a surge to a new yearly high through $50,000. Using Elliott Wave theory, a technical study that presupposes that prices move in repeating wave patterns, Thielen projected greater upside for bitcoin in the future. The concept states that price trends evolve in five stages, with waves 1, 3, and 5 serving as “impulse waves” that indicate the primary trend. Retracements between the impulsive price movement occur in waves two and four. Thielen said\u00a0Bitcoin has started its final, fifth impulsive stage of its rally, aiming to reach $52,000 by mid-March, after completing its wave 4 retracement and correcting to $38,500. Featured image from Adobe Stock, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":574136,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1119,1122,1144,6664],"class_list":["post-574122","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc","tag-btc-price","tag-btcusd","tag-crypto"],"acf":[],"yoast_head":"\nBitcoin Breaches $46,000, Eyes $50K As Bullish Sentiment Returns<\/title>\n<meta name=\"description\" content=\"For the first time since the spot ETFs' debut trade on January 11, Bitcoin (BTC) has surpassed $46,000. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Boom! 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