2024

Bitcoin

<p><strong>Bitcoin’s price has been climbing for the past few days, surpassing $47,000. Experts believe a return to the $50,000 mark this year is possible. There are various technical and fundamental elements that support such a scenario. Here’s an analysis of the technical and fundamental factors that could drive the leading cryptocurrency to this symbolic milestone.</strong></p>
<h2 id="h-a-technically-validated-bullish-trend">A Technically Validated Bullish Trend&nbsp;</h2>
<p>Bitcoin’s price has soared recently, once again breaking through <a href="https://www.cointribune.com/en/bitcoin-explosion-the-crypto-surpasses-45000/" target="_blank" rel="noopener noreferrer nofollow">the $45,000 barrier</a>, and then $47,000. From a technical standpoint, Bitcoin shows several positive signals validating the scenario for a continued upward trend. First, it is now trading above its crucial on-chain support located between $43,000 and $44,000, an area where nearly a million BTC have been accumulated according to data from Whalemap.</p>
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<p>Furthermore, breaking the $44,000 resistance has released bullish potential, allowing Bitcoin to test the $46,000 mark again. If it manages to break free from this level, the next target is around $47,800, before hoping to reconnect with $50,000. Finally, after weeks of contraction, the return of upward volatility indicates renewed interest from buyers. As long as the $44,000 support holds, the trend remains positive.</p>
<h2 id="h-institutional-adoption-and-bitcoin-halving-as-drivers">Institutional Adoption and Bitcoin Halving as Drivers&nbsp;</h2>
<p>Beyond the favorable technical chart, two fundamental drivers could continue to push Bitcoin’s price towards new highs. On one hand, institutional adoption is accelerating, as evidenced by massive inflows into American Bitcoin ETFs and MicroStrategy’s ongoing purchases, now holding 190,000 BTC.</p>
<p>On the other hand, the upcoming 2024 halving, by cutting in half the new bitcoins issued, will mechanically reinforce BTC’s scarcity, a significant bullish factor. Combined with positive macroeconomic conditions, these elements argue in favor of a strong comeback for Bitcoin, potentially up to its all-time highs.</p>
<p>Driven by a bullish technical trend and favorable fundamentals, Bitcoin appears to have regained its potential to aim, in the long term, for a reunion with the legendary $50,000 mark. Even though there are still resistances to break through, all <a href="https://www.cointribune.com/en/bitcoin-price-explosion-heres-what-the-halving-has-in-store-for-us/" target="_blank" rel="noopener noreferrer nofollow">signals are turning green</a> for Bitcoin to shine again in 2024.</p>

Bitcoin soars to $50,000!

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