{"id":574731,"date":"2024-02-13T01:00:02","date_gmt":"2024-02-13T01:00:02","guid":{"rendered":"https:\/\/wncen.com\/?p=574731"},"modified":"2024-06-11T07:23:51","modified_gmt":"2024-06-11T07:23:51","slug":"bitcoin-race-to-50000-analyst-analyst-highlights-key","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-race-to-50000-analyst-analyst-highlights-key\/","title":{"rendered":"Bitcoin’s Race To $50,000: Analyst Highlights Key Resistance And Market Dynamics"},"content":{"rendered":"

The crypto market is currently abuzz with discussions on Bitcoin (BTC), as it teeters on the brink of reaching the $50,000 threshold. This is fueled by the fast-approaching halving as well as a “bullish divergence” observed over the past week, with Bitcoin breaking past the $48,000 mark.<\/p>\n

Analyst Analysis On Bitcoin<\/h2>\n

Micha\u00ebl van de Poppe, a prominent figure in the realm of crypto analysis, recently shared<\/a> insights on the bullish divergence. Van de Poppe pointed out the notable weekly candle that propelled Bitcoin’s value beyond $48,000, signaling a potential challenge at the $50,000 resistance level in the near term.<\/p>\n

\n

#Bitcoin<\/a> looking at the resistance.<\/p>\n

Massive weekly candle, through which Bitcoin is back above $48,000.<\/p>\n

I’m personally interested what price will do around $50,000 in the upcoming 1-2 weeks. pic.twitter.com\/6I927U20pg<\/a><\/p>\n

\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) February 12, 2024<\/a><\/p><\/blockquote>\n

Further echoing this challenge, IntoTheBlock highlighted<\/a> a key obstacle Bitcoin faces on its path to $50,000 in the latest post. The firm identified a crucial resistance level, noting that over 800,000 addresses have purchased nearly 270,000 BTC<\/a> at an average price of $48,491.<\/p>\n

Related Reading: Bitcoin Bears Brewing: Analyst Predicts A Pullback Before Halving<\/a><\/div>\n

Currently, at a loss, these holders may exert selling pressure as Bitcoin approaches its break-even point, potentially impacting its ascent to the coveted $50,000 mark.<\/p>\n

\n

Bitcoin has set its sights on $50k!
\nTo get there, there is one important resistance level left. Over 800k addresses acquired nearly 270k $BTC<\/a> at an average price of $48,491. These addresses are currently in the red and might provide sell pressure as they break even on their\u2026 pic.twitter.com\/nEw4tP8wUc<\/a><\/p>\n

\u2014 IntoTheBlock (@intotheblock) February 12, 2024<\/a><\/p><\/blockquote>\n

Over the past week alone, Bitcoin’s value has increased by more than 10%, igniting discussions among crypto enthusiasts and experts regarding its future trajectory. This bullish momentum and the impending halving event<\/a> reinforce optimistic stances within the crypto sphere about Bitcoin’s value proposition.<\/p>\n

\"Bitcoin
BTC price is moving sideways on the 4-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Bullish Outlook On BTC And Market Sentiment<\/h2>\n

Amid this bullish phase, several crypto analysts and market observers have put forward their forecasts<\/a> regarding Bitcoin’s potential price movement shortly. Crypto Rover, another analyst with a significant following, suggested that surpassing the $48,500 resistance and reaching the 0.618 Fibonacci level could set Bitcoin on a path to the “official trend reversal to a bull market.<\/a>”<\/p>\n

\n

Once #Bitcoin<\/a> breaks the $48,500 mark, better said, the 0.618 Fibonacci level,<\/p>\n

that will mark the official trend reversal to a bull market. I’m keeping a close eye on this level! pic.twitter.com\/ne2SvugHRp<\/a><\/p>\n

\u2014 Crypto Rover (@rovercrc) February 10, 2024<\/a><\/p><\/blockquote>\n

Furthermore, data from IntoTheBlock indicates a positive trend regarding Bitcoin address profitability. Currently, 91% of Bitcoin addresses are profitable<\/a>, with the total number of addresses in profit at 46.87 million, accounting for 90.53% of all addresses.<\/p>\n

Related Reading: BitMEX Co-Founder Bitcoin Forecast: BTC To Reach $1 Million Amid Banking Turmoil<\/a><\/div>\n

This is contrasted with 3.44 million addresses that are still at a loss. IntoTheBlock\u2019s analysis also reveals<\/a> that most addresses that purchased BTC within the $40,919.92 to $55,413.77 range are now profitable, underscoring a bullish sentiment among Bitcoin holders.<\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

The crypto market is currently abuzz with discussions on Bitcoin (BTC), as it teeters on the brink of reaching the $50,000 threshold. This is fueled by the fast-approaching halving as well as a “bullish divergence” observed over the past week, with Bitcoin breaking past the $48,000 mark. Analyst Analysis On Bitcoin Micha\u00ebl van de Poppe, a prominent figure in the realm of crypto analysis, recently shared insights on the bullish divergence. Van de Poppe pointed out the notable weekly candle that propelled Bitcoin’s value beyond $48,000, signaling a potential challenge at the $50,000 resistance level in the near term. #Bitcoin looking at the resistance. Massive weekly candle, through which Bitcoin is back above $48,000. I’m personally interested what price will do around $50,000 in the upcoming 1-2 weeks. pic.twitter.com\/6I927U20pg \u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) February 12, 2024 Further echoing this challenge, IntoTheBlock highlighted a key obstacle Bitcoin faces on its path to $50,000 in the latest post. The firm identified a crucial resistance level, noting that over 800,000 addresses have purchased nearly 270,000 BTC at an average price of $48,491. Related Reading: Bitcoin Bears Brewing: Analyst Predicts A Pullback Before Halving Currently, at a loss, these holders may exert selling pressure as Bitcoin approaches its break-even point, potentially impacting its ascent to the coveted $50,000 mark. Bitcoin has set its sights on $50k! To get there, there is one important resistance level left. Over 800k addresses acquired nearly 270k $BTC at an average price of $48,491. These addresses are currently in the red and might provide sell pressure as they break even on their\u2026 pic.twitter.com\/nEw4tP8wUc \u2014 IntoTheBlock (@intotheblock) February 12, 2024 Over the past week alone, Bitcoin’s value has increased by more than 10%, igniting discussions among crypto enthusiasts and experts regarding its future trajectory. This bullish momentum and the impending halving event reinforce optimistic stances within the crypto sphere about Bitcoin’s value proposition. Bullish Outlook On BTC And Market Sentiment Amid this bullish phase, several crypto analysts and market observers have put forward their forecasts regarding Bitcoin’s potential price movement shortly. Crypto Rover, another analyst with a significant following, suggested that surpassing the $48,500 resistance and reaching the 0.618 Fibonacci level could set Bitcoin on a path to the “official trend reversal to a bull market.” Once #Bitcoin breaks the $48,500 mark, better said, the 0.618 Fibonacci level, that will mark the official trend reversal to a bull market. I’m keeping a close eye on this level! pic.twitter.com\/ne2SvugHRp \u2014 Crypto Rover (@rovercrc) February 10, 2024 Furthermore, data from IntoTheBlock indicates a positive trend regarding Bitcoin address profitability. Currently, 91% of Bitcoin addresses are profitable, with the total number of addresses in profit at 46.87 million, accounting for 90.53% of all addresses. Related Reading: BitMEX Co-Founder Bitcoin Forecast: BTC To Reach $1 Million Amid Banking Turmoil This is contrasted with 3.44 million addresses that are still at a loss. IntoTheBlock\u2019s analysis also reveals that most addresses that purchased BTC within the $40,919.92 to $55,413.77 range are now profitable, underscoring a bullish sentiment among Bitcoin holders. Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":573953,"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":[428,678,1119,78790,6664,26263],"class_list":["post-574731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-prediction","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-analyst"],"acf":[],"yoast_head":"\nBitcoin Race To $50,000: Analyst Highlights Key Resistance And Market Dynamics<\/title>\n<meta name=\"description\" content=\"The crypto market is currently abuzz with discussions on Bitcoin (BTC), as it teeters on the brink of reaching the $50,000 threshold. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin’s Race To $50,000: Analyst Highlights Key Resistance And Market Dynamics","url":"http:\/\/wncen.com\/news\/bitcoin-race-to-50000-analyst-analyst-highlights-key\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-race-to-50000-analyst-analyst-highlights-key\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/DALL\u00b7E-2024-02-08-09.01.30-Create-a-sophisticated-and-professional-wide-format-image-representing-the-concept-of-Bitcoins-price-aiming-for-a-55000-target-following-a-bull-pen.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/DALL\u00b7E-2024-02-08-09.01.30-Create-a-sophisticated-and-professional-wide-format-image-representing-the-concept-of-Bitcoins-price-aiming-for-a-55000-target-following-a-bull-pen.jpg?fit=1792%2C1024"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin prediction","btc","btcusdt","crypto","crypto analyst"],"dateCreated":"2024-02-13T01:00:02Z","datePublished":"2024-02-13T01:00:02Z","dateModified":"2024-06-11T07:23:51Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin’s Race To $50,000: Analyst Highlights Key Resistance And Market Dynamics\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-race-to-50000-analyst-analyst-highlights-key\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-race-to-50000-analyst-analyst-highlights-key\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/DALL\\u00b7E-2024-02-08-09.01.30-Create-a-sophisticated-and-professional-wide-format-image-representing-the-concept-of-Bitcoins-price-aiming-for-a-55000-target-following-a-bull-pen.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/DALL\\u00b7E-2024-02-08-09.01.30-Create-a-sophisticated-and-professional-wide-format-image-representing-the-concept-of-Bitcoins-price-aiming-for-a-55000-target-following-a-bull-pen.jpg?fit=1792%2C1024\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin prediction\",\"btc\",\"btcusdt\",\"crypto\",\"crypto analyst\"],\"dateCreated\":\"2024-02-13T01:00:02Z\",\"datePublished\":\"2024-02-13T01:00:02Z\",\"dateModified\":\"2024-06-11T07:23:51Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/DALL\u00b7E-2024-02-08-09.01.30-Create-a-sophisticated-and-professional-wide-format-image-representing-the-concept-of-Bitcoins-price-aiming-for-a-55000-target-following-a-bull-pen.jpg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/574731"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=574731"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/574731\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/573953"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=574731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=574731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=574731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}