Popular Analysts Predict Bitcoin Price to Reach $50,000 Next Week Amid Rising Spot Bids and Speculation
Crypto News – The recent surge in Bitcoin price, which has seen it rise by over 22% in just a month, can be attributed to several factors. Notably, the speculation surrounding a potential spot Bitcoin ETF and the dovish stance taken by the U.S. Federal Reserve have played significant roles. Analysts have observed a rise in spot bids, especially from the key support level at $43,000, where retail investors have seized the opportunity to ‘buy the dip’ following an initial rally led by institutional investors. The question now is whether BTC‘s price will indeed hit $50,000 next week.
Can Bitcoin’s Price Reach $50,000 Despite Potential Pullbacks?
In a recent post, well-regarded analyst CredibleCrypto revealed that around 30 million spot bids have emerged from near support levels. This is a stark contrast to his previous prediction that Bitcoin might dip below local lows. The surge in bids from these levels suggests a significant bullish sentiment, and he even believes that Bitcoin’s price could reach $50,000 next week if the trend of spot BTC buying continues.
Another respected analyst, Skew, noted that bids appear to have been sold into and filled on Binance Spot. Despite the wiping out of open interests on platforms like Binance and Bybit, bids continue to drive the price higher. Traders are advised to watch for confirmations, such as the RSI bouncing from the 50 level and the price maintaining the 4-hour 21EMA.
Earlier reports from CoinGape featured predictions from top analysts like Michael van de Poppe, John Bollinger, and Ali Martinez, all of whom foresee Bitcoin’s rally pushing it toward the $50,000 mark. These analysts express confidence in a strong upward momentum, suggesting that Bitcoin’s price could close the year on a high note.
Miners Holding Firm to Their BTC Holdings
Despite the positive sentiments surrounding Bitcoin’s price, CryptoQuant’s head of research, Julio Moreno, has issued a warning based on certain on-chain metrics. These metrics indicate that Bitcoin’s price may be “overheating” following its recent rally.
The Bull-Bear Market Cycle Indicator, for instance, shows an overheated bull phase for the first time since July. Additionally, Miner Profit/Loss Sustainability indicates that the block reward is growing much faster than mining difficulty. However, it’s important to note that these signs of an overheated market and rising miner profits are linked to inscriptions on the Bitcoin blockchain, as miners are choosing to hold onto their BTC holdings.
As of now, Bitcoin’s price is trading at $43,200, with some retracement from earlier gains likely due to a CME gap at $39,700. The 24-hour low and high stand at $42,880 and $43,951, respectively, and there has been a slight increase in trading volume over the last 24 hours.