Bitcoin has shown a notable recovery, approaching $42,000, with a cryptocurrency analyst (a leading analyst) predicting a forthcoming rise to $49,000.
The leading cryptocurrency, Bitcoin (BTC), has staged a robust recovery following recent significant price drops. Its value is on the verge of reaching $42,000 once more, bouncing back from dipping below $39,000 earlier this week. Additionally, a well-known crypto analyst has offered an optimistic short-term prediction for Bitcoin’s price.
Is Bitcoin on the Brink of Reaching $49,000?
According to crypto analyst James Van Straten, BTC might hit the $49,000 mark again following ETF approval, with stablecoin rotation potentially driving this bullish surge. Straten also highlighted that a minor shift from stablecoins contributed to BTC reaching $42,000 on Friday, January 26.
Hence, he asserts that the sole action of stablecoin rotation could propel Bitcoin’s price beyond $49,000 in the upcoming days. Additionally, he highlighted that inflows from Spot Bitcoin ETFs would significantly contribute to Bitcoin’s recent recovery.
According to Crypto Quant data, the Bitcoin Stablecoin Supply Ratio (SSR) decreased from 11.28 to 11.22 on Thursday, potentially fostering a bullish sentiment due to increased purchase pressure.
In another development, a Bitcoin enthusiast on X (@gerawrdog), says “Great development, Grayscale Bitcoin discount has stopped for the first instance since February 2021. GTBTC premium should now be more attractive. This is a boon to all of us!”
Good news. Grayscale #BTC discount is gone for the first time since Feb 2021. GBTC premium would be even better. A rising tide lifts all ships!$BTC $ETH $PLS https://t.co/uHIFq4YYP7 pic.twitter.com/lifly9GL0X
— Gerardo (@gerawrdog) January 27, 2024
Nevertheless, the Bitcoin SSR surged to 11.70 on Friday, suggesting that selling pressure may trigger a potential short-term correction. Despite this, the current bullish momentum in Bitcoin’s price remains unaffected by a bearish shift at present.
BTC reached $42,000 on Friday but couldn’t sustain the level, with daily gains decreasing from over 5% to just above 2%. As of the current writing, the BTC price has risen by 2.41%, trading at $41,800 on Saturday, January 27.
The Main Reason $BTC Goes Down After ETF Craze, This Is The Next Zone
Additionally, BTC maintains an unparalleled market capitalization of $818.73 billion, showing a 2.39% increase. The 24-hour trade volume for Bitcoin has surged by 14.74% to $23 billion. Despite these positive indicators, the cryptocurrency’s value remains notably below the day’s peak of $42,209.39.
Contrarily, the TradingView moving averages meter indicates a ‘buy’ signal for BTC. As per TradingView statistics, the Bitcoin price is currently surpassing its 10-day and 50-day EMAs of 41,745 and 41,262, signaling a bullish sentiment.
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