Sign Up on MEXC
The rising spot Bitcoin ETF speculation coupled with other factors including the dovish U.S. Federal Reserve triggered an over 22% rally in Bitcoin price in a month. Popular analysts pointed out spot bids from the key support level at $43,000 retail investors take buy-the-dip opportunity after an institutional investors-led rally. Will BTC price hit $50,000 next week?
Can Bitcoin Price Hit $50,000 Despite Pullback?
Popular analyst CredibleCrypto in a latest post on X revealed that 30 million in spot bids have popped up from near support levels. He earlier predicted that Bitcoin could sweep below local BTC lows.
However, the rising bids from below suggest massive bullish sentiment. He believes BTC price can even hit $50,000 next week if spot BTC buying continues.
Another popular analyst Skew said “bids sold into and filled it seems” on Binance Spot. Despite open interests wiped on Binance and Bybit, bids chase the price higher. Traders must look for confirmations such as RSI bouncing from 50 & price holding 4H 21EMA.
CoinGape earlier reported that top analysts Michael van de Poppe, John Bollinger, and Ali Martinez have predicted Bitcoin’s rally toward the $50,000 mark. The analysts are confident about a strong upside momentum and BTC price closing the year on a strong note.
Also Read: Fidelity Spot Bitcoin ETF Added To Active ETF And Pre-Launch List
Miners Hold Onto Their BTCs
CryptoQuant head of research Julio Moreno warned that some on-chain metrics indicate that BTC price is “overheating” after the recent rally.
The Bull-Bear Market Cycle Indicator shows overheated bull phase for the first time since July. In addition, Miner Profit/Loss Sustainability indicates block reward growing much faster than mining difficulty.
However, these overheated bull phase and rising miners’ profit are due to inscriptions on Bitcoin blockchain. Miners are holding onto their BTC holdings.
BTC price currently trading at $43,200, paring earlier gains due to CME gap at $39,700. The 24-hour low and high are $42,880 and $43,951, respectively. Furthermore, the trading volume has increased slightly in the last 24 hours.
Also Read: XRP Lawyer Reacts As Uphold Head Of Research Predicts Price Bitcoin To Cross $200k
- Trump-Backed WLFI Token Signals Rebound As Team Announces Buyback Plan
- Bitcoin ETF Inflows Shoot $642M Before Fed Rate Cut Catching Up With Gold Rally
- Analyst Predicts SUI Breakout as Group Approves $50M Buyback Program
- BlackRock Dumps Ethereum, Buys $366M in Bitcoin
- GEMI Stock Rises Over 20% Following Gemini’s Debut on Nasdaq
- HBAR Price Prediction Amid DTCC Listing and Archax Expansion — Is $0.50 Next?
- Ethereum Price Eyes a 40% Surge as Morgan Stanley Shifts Fed Cuts Forecast
- Solana Price Prediction: Ford’s $1.65B Treasury Bet Sets Sights on $320
- Dogecoin Price Prediction as CleanCore Pushes Toward 1B DOGE Target- Is 92% Rally Ahead?
- SHIB Price Forecast as LEASH V2 Rollout Expands Cross-Chain — Is a 200% Rally Ahead?
