Bitcoin is heading towards $ 50,000 after setting a new all-time high above $ 49,300. While analysts expect an explosion towards an unexplored region, many people are debating whether the cryptocurrency is strong enough to sustain the rally.
At the time of writing, the price of Bitcoin is $ 49,018, up 4.5% over the last 24 hours. Its market value is about 911 billion dollars.
Trader “The Wolf of All Streets” announced that the price of Bitcoin managed to break above this level after being rejected 7 times at $ 48,200. The trader is expecting an explosion as “consolidation below resistance often leads to a breakout”. According to him, the next resistance could be $ 60,000.
Trader “CryptoKaleo” predicted an increase to $ 65,000 or $ 70,000. In addition, according to the trader, the cryptocurrency could drop to $ 40,000 and then rise to $ 100,000 to gain new momentum.
However, one possible reason for the new momentum could be the news that Morgan Stanley could step in with a $ 150 million investment in Bitcoin. Trader Michaël van de Poppe has a bullish forecast on this possibility:
“Unstoppable. They will want to enter one by one and at some point they will have to. This is the cycle. ”
If Bitcoin’s price manages to rise above $ 50,000, according to Josh Rager, a new influx of investors could get. At a price above this range, Rager predicted that new institutions that invest in Bitcoin and could continue to push the price to new heights would be “floods”. One crypto investor likely said:
“During the weekend funding rates can become very unsustainable. Price moves in a cyclical fashion. So, if we recover today, we have a chance to clear late market participants in the next 24 hours. ”