The digital currency landscape is effervescing with anticipation as Bitcoin verges on a seminal moment, flirting with the $50,000 milestone. The impending halving and robust signs of a bullish divergence have supercharged interest, with recent movements seeing Bitcoin leap over the $48,000 barrier.
Michaël van de Poppe is no stranger to the ebbs and flows of crypto valuations, and the seasoned analyst has cast a spotlight on the bullish divergence that’s captured the market’s imagination. Van de Poppe highlighted a particular weekly candle that propelled Bitcoin’s climb beyond $48,000, suggesting that this could herald an imminent showdown with the $50,000 psychological threshold.
In a narrative echoed by analytics firm IntoTheBlock, the journey to $50,000 is not without its hurdles. The firm shone a light on a formidable resistance level, noting a cluster of over 800,000 addresses that stand at a crossroad, having purchased around 270,000 BTC at an average of $48,491. As Bitcoin nudges closer to this break-even point, these holders may contribute selling pressure, presenting a significant test for Bitcoin’s ascent.
This last week marked a remarkable 10% uplift in Bitcoin’s valuation, stoking fiery dialogues amongst cryptocurrency aficionados and pundits alike. The surging momentum, coupled with the halving on the horizon, provides ample fuel for the upbeat forecasts proliferating in crypto discussions.
Amid the prevailing optimism, Crypto Rover, another acclaimed analyst, relayed their projections, indicating that once Bitcoin breaches the $48,500 mark and taps into the 0.618 Fibonacci level, it could signal a definitive transition into a bullish market phase.
The stats are painting a promising picture too, with IntoTheBlock’s data illustrating a sunny climate of profitability among Bitcoin wallets. A resounding 91% of Bitcoin addresses are in the green, with nearly 47 million addresses reveling in profit, encapsulating over 90% of the total Bitcoin addresses. A modest 3.44 million addresses are in the red, but many addresses that acquired Bitcoin between $40,919.92 and $55,413.77 are seeing profitable days, further underpinning the bullish stance in the Bitcoin community.
