Bitcoin Bulldozes Past $44,000 – Is $45K Next This Week?

Christian Encila

1 year ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin (BTC) is having a moment again. The biggest cryptocurrency in the world is enjoying a 150% increase this year as its price surged beyond $44,000 on Wednesday, marking the first time it had done so in over 18 months.

The increase is indicative of the cryptocurrency’s continuous upswing, which is being supported by a number of elements such as a drop in interest rates and growing expectations over the possible approval of a spot Bitcoin exchange-traded fund (ETF) in the US.

Spot ETFs: Democratizing Bitcoin Investment With Lower Risks

Supporters of the industry say that this new way to invest in bitcoin at spot prices instead of futures prices could make it easier for everyone to get into the cryptoverse while lowering some of the well-known risks that come with it.

It’s possible that regulators will approve the first bitcoin spot ETF application as soon as next month, even though some crypto fund managers have recently won cases that made the chances of this happening better.

“I think what the ETF means really is that Bitcoin is going mainstream, and that’s what people were waiting for,” Ledger CEO Pascal Gauthier recently said.

The fact that Bitcoin has recovered above the crucial price level highlights how resilient its upward momentum is, drawing interest from both seasoned investors and the larger cryptocurrency community.

How High Can BTC Price Go?

Given that news sources and financial analysts have taken notice of Bitcoin’s latest breakout above the psychologically critical $44,000 threshold, it is clear that the market is currently bullish biased.

Bloomberg has made a bold prediction regarding the largest cryptocurrency in terms of market capitalization when it entered the fray. The news website claims that Bitcoin’s increase above $42,000 marks the start of a new “crypto supercycle” rather than just a passing peak.

According to this bullish prediction, Bitcoin will soar to values above an astounding $500,000 and become the cornerstone of a revolutionary new monetary paradigm that is already gaining support on Wall Street.

Bitcoin slightly below the $44K level today. Chart: TradingView.com

This prediction, which is in line with the increasing feeling of cryptocurrency fans, signals a paradigm change in conventional financial markets as Bitcoin keeps redefining the global economic scene and establishing its domination.

Bitcoin’s Clear Path: $48K-$53K Sweet Spot For Upside – Analyst

Based on technical price levels, particularly highs set in March 2022 and September 2021, Joel Kruger, market strategist at LMAX Group, believes that Bitcoin’s upward price momentum has a clear route forward until the region between $48,000 and $53,000.

Between these two levels, Kruger identified a sweet spot where the route to the March 2022 high is remarkably free of major opposition.

He stated:

“There is a nice zone between those two levels with very little in the way of any meaningful resistance between the current price and that March 2022 high.”

BTC moves past $44K today. Source: Coingecko

According to market data, as of this writing, the price of Bitcoin is $44,020, up 5.5% over the previous day, and sustaining a 16% increase in the last week, data from Coingecko shows.

As the market dynamic unfolds, all eyes are on Bitcoin, wondering if it will continue its bullish run and set its sights on the next significant milestone at $45,000.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.