Bitcoin Begins Early Bull Run and May Hit $50,000 This Month
Bitcoin (BTC) is showing signs of an early bull market, with analysts predicting that it could reach $50,000 before the end of the month. This would be a significant increase from its current price of $43,573, according to CoinMarketCap.
The past week has seen Bitcoin gain over 13%, continuing its upward rally. Analyst Alistar Milne believes that the recent bear market was the worst Bitcoin has ever faced while below the 200-week Moving Average price. Milne predicts that the 50-week Moving Average will soon cross the 200-week Moving Average, forming a golden cross. This crossover suggests a potential bull market for the world’s largest cryptocurrency.
Meanwhile, CryptoCon, another crypto analyst and Bitcoin advocate, has offered a bullish forecast for Bitcoin, comparing its current cycle with the 2015/2018 cycle. CryptoCon’s BitTime model predicted the early top in July and the bottom in August, just as it happened in 2015. The model also predicts that Bitcoin will reach $47,000, a level it is already approaching. Looking ahead, the model suggests a long sideways period in early 2024, with a potential price of $130,000 by December 2025.
CredibleCrypto, another analyst, set a target of $50,000 for Bitcoin this month. The analyst points to the recent gains over the last week and month, as well as $30 million in spot bids, as factors that could drive the asset to $50,000. This milestone is expected to be reached in the third week of December, although the analyst advises caution to traders.
Bitcoin’s upward movement is also evident on the Deribit exchange, where BTC and Ether (ETH) options trading has reached a new high. The cumulative dollar amount locked in BTC and ETH options contracts has reached $23.6 billion, with Bitcoin accounting for 67% of the total. Luuk Strijers, Chief Commercial Officer of Deribit, stated that the exchange has reached a total milestone of $25.8 billion, including perpetuals and futures.
Several factors are contributing to Bitcoin’s rally, including El Salvador’s recent announcement of its Freedom Visa and citizenship program in partnership with Tether. The program requires a $1 million investment in the country through BTC or USDT, potentially earning the government an annual $1 billion. However, critics argue that the price point is too high and may deter investors. El Salvador’s Bitcoin investment has already turned a profit of $3.6 million, and further gains could be expected if Bitcoin reaches $50,000.
In other news, a significant amount of BTC mined in the ‘Satoshi Era’ recently became active and moved to trading desks and custodian services. This movement was observed when an early miner transferred 1,000 Bitcoins, according to data from CryptoQuant.
As Bitcoin continues its bull run, analysts remain optimistic about its future price potential, with predictions ranging from $50,000 to even higher levels. Traders and enthusiasts are advised to exercise caution and closely monitor the market as it develops in the coming weeks.
Disclaimer: The information provided in this article is for informational purposes only and should not be regarded as financial advice. Trading cryptocurrency involves risk, and individuals should conduct their own research and consult with a professional advisor before making any investment decisions.
