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Bitcoin (BTC), the world’s largest crypto, has made a strong comeback after major price declines lately. Bitcoin’s value is nearing the $42,000 mark again after it dropped below $39,000 earlier in the week. Moreover, a renowned crypto analyst has made an optimistic prediction for the Bitcoin price in the short term. 
<h2 id="will-bitcoin-touch-49-000-soon">Will Bitcoin Touch $49,000 Soon?</h2> 
The crypto analyst, James Van Straten, suggested that <a href="https://coingape.com/analyst-says-bitcoin-btc-price-most-likely-hit-bottom-already-heres-why/" target="_blank" rel="noopener">Bitcoin</a> price could touch the high of $49,000 for the second time after ETF approval. He noted that stablecoin rotation could propel this bullish rally. In addition, Straten stated that a slight rotation from stablecoins sent Bitcoin to $42,000 on Friday, January 26. 
<figure style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" src="https://pbs.twimg.com/media/GEzkbXqaIAABw71?format=jpg&amp;name=large" alt="Bitcoin Price To $49000" width="800" height="450">
 <figcaption class="wp-caption-text">
 Bitcoin Stablecoin Supply Ratio (SSR) Oscillator, Source Glassdoor
 </figcaption>
</figure> 
Therefore, he believes that stablecoin rotation could alone push the BTC price over $49,000 in the coming days. Furthermore, he mentioned that inflows from <a href="https://coingape.com/cathie-woods-ark-invest-adds-arkb-bitcoin-etf-worth-51-mln-this-week-buys-tesla-shares/" target="_blank" rel="noopener">Spot Bitcoin ETFs</a> would also play a prominent role in Bitcoin’s recent rebound. According to <a rel="nofollow" href="https://cryptoquant.com/asset/btc/chart/market-indicator/stablecoin-supply-ratio-ssr" target="_blank">Crypto Quant</a> data, the Bitcoin Stablecoin Supply Ratio (SSR) fell to 11.22 on Thursday from 11.28 a day ago, which could have spurred a bullish sentiment due to potential purchase pressure. 
However, the Bitcoin SSR jumped to 11.70 on Friday, which indicates that a selling pressure could lead to a possible correction in the short term. On the other hand, the Bitcoin price gains haven’t been affected by a bearish turn as of now. 
Also Read: <a href="https://coingape.com/markets/bitcoin-price-zooms-past-41k-on-friday-can-btc-rally-to-43k-this-weekend/" target="_blank" rel="noopener">Bitcoin Price Zooms Past $41k On Friday, Can BTC Rally To $43k This Weekend?</a> 
<h2 id="bitcoin-price-today">Bitcoin Price Today</h2> 
Bitcoin touched the $42,000 mark on Friday but couldn’t sustain it. In addition, the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">BTC price</a> distanced further from the level as the daily gains slumped from over 5% to a little more than 2%. At the time of writing, the BTC price was up by 2.41% and traded at $41,747.53 on Saturday, January 27. 
Moreover, the crypto boasts an unmatched market capitalization of $818.73 billion, up by 2.39%. Furthermore, the 24-hour trade volume for Bitcoin displayed an increase of 14.74% to $23 billion. However, the largest crypto’s value is still fairly below the day’s high of $42,209.39. 
On the other hand, the TradingView moving averages meter suggests a ‘buy’ signal for Bitcoin. According to the <a rel="nofollow" href="https://in.tradingview.com/symbols/BTCUSD/technicals/" target="_blank">TradingView</a> stats, the Bitcoin price is trading higher than its 10-day and 50-day EMAs of 41745 and 41262, indicating a bullish sentiment. 
Also Read: <a href="https://coingape.com/bitcoin-revealed-a-cautious-pre-halving-tale-with-dips-and-recovery/" target="_blank" rel="noopener">Bitcoin Revealed a Cautious Pre-Halving Tale With Dips And Recovery</a> 
The post <a href="https://coingape.com/top-analyst-predicts-bitcoin-price-to-jump-49k-heres-why/">Top Analyst Predicts Bitcoin Price To Jump $49K, Here’s Why</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Top Analyst Predicts Bitcoin Price To Jump $49K, Here’s Why

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