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Bitcoin (BTC) has surpassed the $48,000 mark for the first time since the launch of spot ETFs, causing increased market activity. Market participants are anticipating Bitcoin to retest the $50,000 level, which they believe is crucial for triggering a new bull run. In this context, seasoned cryptocurrency analyst Alan Santana, in a TradingView post dated February 10, expects Bitcoin to reach $80,000 and set a new record, yet he highlights a critical range to watch.
Bitcoin’s Critical Threshold: The $47,500 – $49,500 Range
Santana’s expectation of $80,000 for Bitcoin is based on the daily Moving Average Convergence Divergence (MACD) indicator, which suggests a shift toward an upward trend. Among the noteworthy observations by the analyst is the successful breach of a local downtrend line originating from the December 2023 peak, potentially indicating a reversal of the previous downward momentum. According to the analyst, the trend is now upward, clearly demonstrating Bitcoin’s strength in the market.
Currently facing resistance around the 0.786 Fibonacci line, Bitcoin’s ability to overcome this barrier is crucial and warrants close observation. The largest cryptocurrency’s reaction to this level will be significant for further progress.
Santana states, “The daily candles look quite good, we’re just lacking a bit of volume. Five consecutive days of green candles have been recorded, covering a small distance. If Bitcoin can successfully break through the upper resistance in the $47,500 to $49,500 range, further rises are possible… If this resistance cannot be broken, a major drop can be expected,” he said.
Potential Setbacks for Bitcoin
Santana also points out that if BTC falls, it could temporarily retreat to the $30,000 to $34,000 range, followed by a potential short bounce. However, he warns that this recovery could be brief and that Bitcoin could potentially drop to $27,000. He adds, “The bounce will be short-lived and then the next decline will push Bitcoin towards $27,000. At this point, people will start panic selling, and all buy orders will drop to $22,000, where big players will be waiting to buy up all the BTCs.”
Overall, investors are facing positive sentiments with Bitcoin as they anticipate a continuous rally. It is important to note that following the approval of spot ETFs in the US, Bitcoin experienced a significant sell-off, leading it to retest the $38,000 levels. The sell-offs were primarily due to outflows from the Grayscale Bitcoin Trust ETF (GBTC).
Since the overall approval of spot ETFs, the first 20 trading sessions have been completed, and assets under management (AUM) in ETFs have reached the $10 billion milestone. In the coming months, an influx of funds from institutions into ETFs is expected, which would further increase AUM. Particularly, the positive momentum seems to have returned to the cryptocurrency market following the decline in GBTC outflows. Additionally, the block reward halving event planned for April is expected to support this positive momentum.
