On Monday, the price of Bitcoin surpassed its 50-day moving average for the first time in over two months. Its price increased to $42,956 from roughly $42,810 at the 50-day technical point.
Bitcoin’s price has been steadily rising over the technical threshold, and it has recently been linked to risk assets. On February 4, a slew of short liquidations helped Bitcoin and Ether.
Given the technical breakout, crypto experts said in a recent analysis issued by Fundstat, an independent research firm, that Bitcoin may make additional upward movement in the weeks to come, and that first upside objectives lay at $45,000 and then $51,100.
According to Bloomberg, Fundstrat’s technical analysts and researchers believe the largest cryptocurrency has a good chance of bottoming out in the coming months. Bitcoin has regained some kind of stability in recent days, after plummeting over 50% from its November record.
According to Fundstrat’s Mark Newton’s pricing model, there’s a good chance that the low for Bitcoin will arrive in the spring months. After just a few weeks of owning bitcoin, an investor who invested $1,000 into the risky currency at the start of the year would have around $780 in their account.
While such losses might be frightening, they also provide an opportunity for consumers to reconsider their financial goals and acquire additional cryptocurrency if it makes sense, according to Tyrone Ross, CEO of Onramp Invest, a crypto-asset platform for financial advisers and corporations.
Although bitcoin has struggled to make major gains this year, bulls maintain that the currency still has plenty of space to rise. Similar forecasts have been made by other experts. In an October interview, Matt Hougan, chief investment officer at Bitwise Asset Management, predicted that bitcoin will exceed $100,000 in 2022.
In a recent report, Goldman Sachs analysts predicted that bitcoin will eat into gold’s market share and eventually reach that critical level. Aside from the possible price movement, cryptocurrencies have become a more widely recognized and integrated means of payment.
