© Reuters. Bitcoin is unstoppable! It recently topped $47,000 before preparing to hit $50,000.
InfoQuest – Bitcoin continues to rise and recently, it crossed the 47,000 level or around 1,687,000 baht in today's trading. As capital flows continue to flow into US Bitcoin ETFs
As of 6:59 PM local time, Bitcoin was up 3.58% to $47,146.50 in trading on Coinbase (NASDAQ:).
Analysts said that a bounce above $47,000 would pave the way for Bitcoin to test the psychologically important $50,000 level.
The technical signals of the Fibonacci indicator and the Relative Strength Index (RSI) indicate that if Bitcoin crosses the $50,000 level, it will rise to $57,000 within a few weeks.
Earlier, Bitcoin rose above $49,000 after the US Securities and Exchange Commission (SEC) approved the creation of the Spot Bitcoin ETF on January 10.
Standard Chartered Bank expects that the approval of the Spot Bitcoin ETF will attract institutional investors to the cryptocurrency market. Will Make Money 50,000-100,000 Millions of dollars have flowed into Bitcoin this year. This will push Bitcoin to reach $200,000 by 2025.
If the above prediction comes true, Bitcoin will break its previous high of $69,000 in November 2021.
Moreover, analysts expect Bitcoin to continue its upward trend. It has received positive factors from the Bitcoin halving phenomenon, which is expected to occur in April. Including the fact that the Federal Reserve (Fed) may cut interest rates in May.
Bitcoin has risen more than 150% in the past year, outperforming the US stock market, where the S&P 500 is up just 24%.