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Bitcoin Price Can Hit $50,000 Next Week, Predicts Popular Crypto Analysts

Popular Crypto analysts predicts Bitcoin price to hit $50,000 next week as spot bids rise amid rising open interests.
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Bitcoin Price Can Hit $50,000 Next Week, Predicts Popular Crypto Analysts

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?

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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.

Source. CredibleCrypto

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

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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

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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