'If this was a deviation, the coming months are going to be so much fun,' CoinMarketCap analyst Phoenix wrote.
Bitcoin has managed to break through $47,000 — a level regarded as a crucial level of resistance that stood in the way of further price gains.
With the world’s biggest cryptocurrency trading at $47,545 as of 11am UTC on Wednesday, there is optimism that bullish momentum may be returning after last week’s market crash, which came on the day El Salvador adopted BTC as legal tender.
Sharing a chart that highlighted the trading activity we’ve seen over recent days, Phoenix — who writes market analysis for CoinMarketCap — tweeted:
“If this was a deviation, the coming months are going to be so much fun.”
Another crypto trader and analyst, Rekt Capital, was equally upbeat, writing:
“#BTC is breaking out.”
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Bullish Predictions
All of this came as Cathie Wood, the CEO of ARK Invest, said she believes Bitcoin could be worth over $500,000 within five years — especially if institutional investors continue to start allocating 5% of their funds towards the digital asset.
At the SALT Conference, she said that Ethereum is seeing an explosion in developer activity thanks to NFTs and DeFi — and added that this will have an influence on her fund’s exposure to cryptocurrencies:
“Our confidence in Ether has gone up dramatically … we’d still probably do 60% Bitcoin, 40% Ether.”
In other developments, Morgan Stanley has announced that it is establishing a new team that will focus on researching cryptocurrencies. In a memo, executives said this was in recognition of their “growing significance” in global markets.
