Bitcoin Price Prediction – $50k In Sight As Jack Dorsey Brings Bitcoin To The Super Bowl
Bitcoin has changed little in the last 24 hours and is currently trading at $48,103. As of 09:30 GMT+3, Bitcoin’s trading volumes were up 2.17% to $19 billion.
Investors are keenly watching Bitcoin after the weekend pump that pushed it to a high of $48,800. This is a critical price level because it is a short-term resistance level, and if broken, could see Bitcoin surge towards $50k.
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Analysts believe that the run to $50k will happen quickly due to the momentum built so far. After the recent surge in Bitcoin’s price from $38,500, FOMO has been building up, and celebrity investors are adding to the momentum.
Dorsey’s Satoshi T-Shirt At The Super Bowl A Big Deal
One such celebrity Bitcoin investor is Jack Dorsey, the billionaire founder of Square and Twitter and one of the biggest proponents of Bitcoin. Dorsey attended the Super bowl wearing a Satoshi T-Shirt. This is a big deal, especially now that Bitcoin is pumping. It can help draw in retail money that may have been sitting on the sidelines.
JUST IN: Twitter Founder Jack Dorsey wearing #Bitcoin Satoshi shirt at the Super Bowl. pic.twitter.com/mr3Jgffw6d
— Watcher.Guru (@WatcherGuru) February 12, 2024
Jack Dorsey is currently among the top trending topics on X, an indicator that people are already taking note of the Bitcoin reference in his attire. The hype around Dorsey standing up for Bitcoin at the Super bowl could give Bitcoin the momentum it needs to cross the $50k mark.
Bitcoin Holders Are Not Selling
#Bitcoin is approaching 95% of all supply in profit, which usually marks tops.
We got to 93% when #Bitcoin was at 49,000.
The inverse also works when less than 50% of all supply is in profit, which usually marks a bottom. https://t.co/MXItuY0ClV pic.twitter.com/Nk9hVlxGOi
— James Van Straten (@jvs_btc) February 12, 2024
Another bullish indicator for Bitcoin is that those holding it are not selling despite the surging price. According to Glassnode data on Bitcoin, 79.26% of BTC has not been sold in the last 6 months. This is a big deal as it means that the rising demand has to scramble for a tiny supply of Bitcoin. Going by the laws of supply and demand means the price is set for a major upswing. With such inelastic supply, rising demand, especially from institutional money, could see Bitcoin retest its all-time highs before the halving.
Bitcoin’s potential push to $50K and above is bolstered by celebrity investors hyping it up and the fact that Bitcoin currently has an inelastic supply.
Bitcoin Price Consolidates Above $48k, Signal To Bullish Continuation
Bitcoin price is currently consolidating around $48k after a rally that saw it rise by several thousand from $38,500 to $48,800.
After Bitcoin hit a high of $48,804, some profit-taking saw the upside momentum slow down. However, there is little selling pressure pushing Bitcoin towards the day’s support at $47,777.9.
If this price action gives investors confidence that the bull momentum is still strong, the key level to watch in the day will be $48804, a key resistance level intra-day. If bulls push Bitcoin through this resistance, $50k would be an achievable target in hours.
However, two scenarios could arise if bulls don’t garner enough volumes to push Bitcoin through $48,804. The first is a continuation of the price consolidation that has characterized most of early Monday morning trading.
The other scenario would be increased selling volumes pushing Bitcoin through the $47,777 support. In such a scenario, Bitcoin could experience a correction that could see it test $46,850, a key intra-day support level.
Bitcoin Price Prediction: Why Bulls Hold The Most Sway
The current consolidation will likely be followed by a significant upward push in the price of BTC towards $50k and above. This is supported by the fact that the recent rally has created the perception that Bitcoin is headed back to its all-time highs ahead of halving. This means not many are willing to sell despite the current price rally.
This is evident in the Glassnode data, which shows that 79% of the total Bitcoin in circulation has not been traded for over 6 months.
Also, since millions saw Jack Dorsey’s T-shirt during the Super Bowl, the American market will likely drive momentum for the day.
With buying volumes already on the rise, the pointers are already there that another leg up for BTC is coming once the US markets open.
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Kamal Masri
Kamal is an experienced financial analyst with a demonstrated history of working in the Financial Market. Skilled in Equities, Capital Markets, Portfolio Management, Risk management, and Corporate Finance. Kamal has worked at some of the leading online finance publications providing his expert knowledge on cryptocurrency. Kamal has written widely on digital assets across the stock and crypto media space and beyond, including for Coindesk, Ethereum World News and The FinTech Times.
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