The surge in speculation around a spot Bitcoin ETF, combined with factors such as a dovish U.S. Federal Reserve, fueled a remarkable 22% rally in Bitcoin’s price within a month. Analysts highlight spot bids emerging from the crucial support level of $43,000, with retail investors seizing the buy-the-dip opportunity following an institutional investors-led rally. The question remains: Will the price of BTC reach $50,000 in the upcoming week?
Can Bitcoin Price Hit $50,000 Regardless of the Retreat?
In a recent post on X, renowned analyst CredibleCrypto disclosed the emergence of 30 million in spot bids near support levels, countering his earlier prediction of potential lows for Bitcoin.The substantial rise in bids from these levels indicates significant bullish sentiment. CredibleCrypto suggests the BTC price could reach $50,000 next week if the trend of spot BTC buying persists. Another analyst, Skew, noted bids being sold into and filled on Binance Spot. Despite wiped open interests on Binance and Bybit, bids continue to drive the price higher. Traders are advised to seek confirmations such as the RSI bouncing from 50 and the price holding the 4H 21EMA.Earlier reports from CoinGape highlighted predictions from top analysts, including Michael van de Poppe, John Bollinger, and Ali Martinez, who are confident in Bitcoin’s rally toward the $50,000 mark, anticipating a robust end to the year for BTC.
