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The largest cryptocurrency Bitcoin has reached $50,000 for the first time since December 2021, marking a notable achievement after nearly two years of a downward trend. Currently, factors such as the approval of the US’s first spot Bitcoin ETF, reduced outflows from Grayscale Bitcoin Trust (GBTC), and the upcoming block reward halving are contributing to Bitcoin’s meteoric rise. Indeed, Bitcoin’s price has seen a 15% increase in value over the last seven days. This situation has prompted well-known market observers to shed light on BTC’s future trajectory and analyze market conditions.
How High Can Bitcoin Go?
Popular analyst Dan Gambardello points to a historical model suggesting that after closing a monthly candle above a bull market threshold, Bitcoin’s price tends to reach all-time highs within 1-3 months. According to Gambardello, for BTC to break through this cycle’s threshold, it needs to close a monthly candle above $57,000 in this cycle.
Another cryptocurrency analyst CryptoCon has added a new layer to Gambardello’s analysis by examining Bitcoin’s adherence to “Magic Bands” levels. Despite recent fluctuations, Bitcoin appears to be moving according to these levels. Currently, Level 2 is at $49,600 and Level 3 at $84,500. Reaching Level 3, historically unprecedented outside of a cyclical upper parabolic context, would represent a significant milestone if the current price trajectory continues.
Potential for a Price Pullback
Not all analysts share a uniform bullish outlook. According to CryptoQuant’s data, the current SOPR Ratio is likely signaling a price correction. For those unfamiliar, SOPR is a popular on-chain metric used to analyze market sentiment and behavior by comparing the value of spent outputs at the time of spending (realized value) with their value when they were created.
Similarly, Bitcoin’s current position indicates that investors in profit are taking the opportunity to realize and sell their unrealized gains, a behavior typically associated with “Smart Money.” Notably, renowned analyst Ali Martinez has warned about a BTC pattern that has been evident for the past two years. Martinez emphasizes that when BTC’s 30-day MVRV Ratio (Market Value – Realized Value) exceeds 11.50%, a correction phase tends to follow, and the ratio has once again approached the 11.5% threshold.
Did Bitcoin Rise to $50,000 Without FOMO?
Most analysts continue to expect a rise based on Bitcoin’s momentum, noting that the potential liquidation of short positions could fuel further upward movement. In this context, liquidations of 57,000 investors totaling $191 million were recorded in the last 24 hours.
Interestingly, despite increased accessibility through spot ETFs, searches for “Bitcoin” on search engine giant Google have remained unchanged over the past few weeks. This suggests that BTC is still not attracting mainstream interest.
