Bitcoin finally broke above the critical $45,000 resistance level yesterday, a point that has proven extremely troublesome for the asset recently. The break facilitated a rally that helped Bitcoin reach a new yearly high above $48,000, a level it lost in the early hours of January 1st. The ongoing rally means Bitcoin has now enjoyed seven consecutive green candle days, the longest unbroken upward movement this year.
This fresh injection of upward enthusiasm has realigned the views of many analysts, many of whom now believe the coin is clearly on the path to regaining the significant $50,000 level.
The Future of Money
“The $50,000 mark will act as a reminder to those who haven’t been paying full attention that digital currencies are inevitably the future of money,” says Nigel Green, founder, and CEO of financial advisory firm deVere Group. He believes FOMO and fundamentals will be the main catalysts to instigate a new Bitcoin bull run. Analysis from FXStreet backs up the prediction, citing multiple Fibonacci projection tools that indicate Bitcoin could reach between $52,000 and $53,500.
Although Bitcoin stalled its run earlier today, it maintains a strong position just below $48,000 and has already closed a higher low and higher high in the past 24 hours. Over the past week, the overall crypto market has enjoyed decent gains, with Cardano (ADA) and Solana (SOL) leading the charge, up by almost 30% each in the past seven days. Bitcoin is up 16% in the same period, with Ethereum (ETH) up 18% and Terra (LUNA) up 12.7%.