After a tumultuous period following the 2021 bull season, the effects have now been erased. The king of cryptocurrencies has surpassed $50,000 for the first time since December 2021. At the time of writing, the BTC price was at $50,123.
Bitcoin Reclaims $50,000 Milestone
We have witnessed numerous events such as the Ronin hack, Terra crash, FTX fraud, and Genesis bankruptcy. Thousands of mainstream media articles have claimed that cryptocurrencies are nothing but scams. US politicians have made countless speeches in Congress arguing that cryptocurrencies are merely tools for deception. While opponents predicted the price would plummet to zero, BTC’s rebound to $50,000 serves as a response to all.
During the toughest days of the bear markets, we discussed that the cycles of decline and rise couldn’t continue indefinitely. Historical data has proven correct once again, as Bitcoin continues its ascent after a challenging bear market, aiming for new all-time highs. The current rise could see a correction lasting months or could climb above $60,000, but investors must remember that neither rises nor falls last forever in these markets.
Bitcoin price is above $50,000 at the time of writing, and Capo is currently suggesting that the price might face rejection at $50,000 and fall, as it did at the $30,000 and $40,000 levels. If the price increase continues, technical indicators suggest that the $52,000 to $58,000 range could be tested.
