Bitcoin (BTC) Price Might Hit $50k In Next 7 to 10 Days – Here’s Why

The post Bitcoin (BTC) Price Might Hit $50k In Next 7 to 10 Days – Here’s Why appeared first on Coinpedia Fintech News

In a recent video, cryptocurrency analyst Eric Krown talked about a significant moment for Bitcoin – the approval of around 11 ETFs for trading. Krown stressed the importance of fundamental events, particularly ETF approval, highlighting the potential for increased volatility and a positive impact on Bitcoin’s price. As of the latest update, Bitcoin was trading around $46,800, and Krown suggested the possibility of a push towards new highs in the coming days.

According to him, Bitcoin has the potential to experience corrections of up to 30% even in the most bullish markets, yet it can still maintain a poised position for further upside. However, it becomes a matter of concern only when it surpasses this correction threshold. To sum up the analysis on Bitcoin, the likelihood of upside movement persists, particularly if the daily close remains above today’s pivot at $43,000 or the two-day timeframe pivot at $45,800. 

Thursday is technically anticipated as a day prone to closing on the downside, but the current day presents a unique situation. With the expected ETF inflows later today, it is likely to act as a catalyst for another attempt at reaching new highs in the current rally. Tentatively, the next significant area of interest is projected between $51,000 to $52,000 upon continuation above the present highs. 

This move could potentially materialize within the next 7 to 10 days. On the flip side, a failure to sustain these pivotal levels could indicate that the market has already topped. 

Ethereum’s recent performance was also discussed, noting December consolidation and a subsequent breakout. Krown provided technical analysis on Ethereum’s potential upward trajectory, targeting key levels like $2,850 and $3,000.