Analysts are optimistic about Bitcoin’s rally potential and are suggesting that King Coin may have started a rally and could reach $50,000 within a few weeks.
Bitcoin analyst Bitcoin (BTC) is already showing early signs of a bull market, while another predicts $50,000 this month. This means that BTC could end the year significantly higher than its current price of $43,573, according to CoinMarketCap.
Bitcoin continued its upward trend last week, rising more than 13%. According to analyst Alistar Milne, the bear market facing BTC is “the worst” Bitcoin has ever seen below its 200-week moving average price. Milne predicts that the 50-week moving average will cross the 200-week moving average, forming a golden cross. The move signals a potential bull market for the world’s largest cryptocurrency by market capitalization.
Bitcoin could reach $50,000.
CryptoCon, another cryptocurrency analyst and Bitcoin advocate, offered an optimistic outlook for Bitcoin. In an X post, CryptoCon compared Bitcoin’s current cycle to the 2015/2018 cycle. Interestingly, the model predicted an early July high and an August low, similar to 2015. The model also predicted that Bitcoin would reach $47,000, already close to King Coin levels. According to CryptoCon’s BitTime model, Bitcoin could experience a “long sideways period” in early 2024 and reach $130,000 by December 2025.
Another analyst, CredibleCrypto, has set the Bitcoin price at $50,000 this month. The analyst believes that Bitcoin’s gains over the past week and month, in addition to the $30 million in spot bids, could push the asset to $50,000. According to CredibleCrypto, this will likely happen in the third week of December. However, analysts advised traders to be cautious.
Bitcoin’s upward movement is also evident on the Deribit exchange, as BTC and Ether (ETH) options trading hit new highs on the platform. The cumulative dollar amount locked in BTC and ETH options contracts, including outstanding contracts, reached $23.6 billion on Friday, according to Luuk Strijers, the exchange’s chief commercial officer. Bitcoin accounted for 67% of the total. Strijers said in an interview with CoinDesk:
“Deribit options notional open interest reached a new ATH of $23.6 billion, with $16 billion in BTC options and $7.6 billion in ETH options. With the addition of $2.2 billion in perpetual contracts and futures OI, Deribit has reached its $25 billion goal for the first time (now totaling $25.8 billion!).”
El Salvador Likely to Contribute to Bitcoin Rally
Several factors are driving the Bitcoin rally and pointing to bullish potential. Most importantly, El Salvador recently announced: free visa Citizenship program in partnership with Tether. The program requires interested parties to invest $1 million in the country via BTC or USDT. The program is limited to 1,000 investors each year and could generate $1 billion in annual revenue for the government. Critics argued that the price point was too high and would deter people from trying it. By comparison, similar investments in the Caribbean start at around $100,000.
Coin speaker on Tuesday reported Bitcoin investments in El Salvador generated profits worth $3.6 million. El Salvador is officially the first country. declare Bitcoin will be announced as a legal tender and will be announced in 2021. These gains are likely to increase once Bitcoin reaches $50,000, especially as President Nayib Bukele plans to sell.
In more Bitcoin news, it is said that large amounts of BTC mined during the ‘Satoshi era’ have recently been activated and moved to trading desks and custody services. On Monday, early miners Moved 1,000 BitcoinAccording to data from CryptoQuant.
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