Bitcoin (BTC) is doing well and has reached $48,000 for the first time since a special kind of investment fund started. People are watching to see if Bitcoin can reach $50,000 again, as they think this is important for starting a new upward trend in its value.
In a TradingView post on February 10, crypto expert Alan Santana explained how Bitcoin could reach a new high of $80,000. He based his prediction on the Bitcoin daily Moving Average Convergence Divergence (MACD), which shows signs of a positive trend.
Important points show that Bitcoin broke through a downward trend that started in December 2023, suggesting it might start to increase in value again. The analyst says that the trend is now going up, showing that Bitcoin is strong in the market.
Bitcoin is struggling to get past a certain point, known as the 0.786 Fibonacci extension. It’s important for Bitcoin to break through this barrier to continue growing and to spot other important challenges ahead.
Possible downside for Bitcoin
Also, the trading expert said that if Bitcoin’s value goes down, it might briefly stop falling when it reaches between $30,000 and $34,000, and then it might go up a little. But, he warned that this increase might not last long, and Bitcoin’s value could drop to $27,000.
People are feeling good about Bitcoin because they think its price will keep going up. However, after a special Bitcoin fund was approved, a lot of people sold their Bitcoin, making its price drop to $38,000. This sell-off happened mainly because people were taking their money out of a Bitcoin fund called Grayscale Bitcoin Trust ETF.
Since the ETF was approved, it has finished its first 20 days of trading and has gathered $10 billion in assets. It is likely to grow more valuable as big companies start investing in it soon.
The crypto market is starting to do well again after a drop in GBTC outflows. People are also feeling more hopeful because of the planned halving event in April.
Bitcoin price analysis
As of the deadline, Bitcoin’s value reached $48,173, showing it went up more than 2% in one day. In the last week, its value has risen by over 12%.
In other places, the technical signs for Bitcoin show that its value is likely to go up. A summary from TradingView for one day shows a “buy” recommendation at 14 and the moving averages are even more positive, suggesting a “strong buy” at 13. But, oscillators are giving a “neutral” advice at 8.
At the same time, while Bitcoin tries to keep its price increase going, it is still affected by things like interest rates and the overall health of the economy.
Disclaimer: The information on this website isn’t meant to be taken as advice for investing money. Investing involves uncertainty, and there’s a chance you could lose your money when you invest.
