Wednesday, May 22, 2024

Bitcoin Price Breaks $50,000! Major Correction Expected!

The flagship Cryptocurrency, Bitcoin price breaks $50,000. The BTC price surged 4.6% to hit $50,689 during early Asian trading hours on Tuesday.

Previously, Bitcoin Price rallied to a new all-time high at $49,400. The leading crypto set this new high after hovering within $47,000 range in the past week. After a successful breakout of the former $40,000 resistance trading line, currency, the BTC/USD trading pair is now consolidates near the resistance level of $50,000.

During the past week, BTC price tried to test the $50K level. The Price broke the $48,000 resistance, but failed to keep up the momentum. The price began a downside correction and  broke below  $47K support. The BTC price occurred  below the 23.6% Fib retracement level of the uptrend from the $43,773 low to $48,700 high.

Institutional Adoption Of Bitcoin Accelerates BTC Price

Recently, we saw Tesla , MasterCard and BNY Mellon adopting digital assets which gave Bitcoin another impetus. Next in the race is Morgan Stanley ! According to the recent reports of Bloomberg , Morgan Stanley was considering an entry into the BTC market.

Morgan Stanley  is considered as one of the most well-known banks and Counterpoint, which holds nearly $150 billion under management. However, If the bank puts its seal of approval on a Counterpoint Global entry, we can BTC price skyrocket very soon. 

Is $62K The Next Set Target?

Active Crypto analysts claim that Bitcoin price is all set to hit $62K soon. However, there’s a possibility to hit the target as long as BTC/USD remains above the $45.5K support level.

At present, it seems that Bitcoin will face massive selling pressure near the $50K level. The price channel’s upper peak suggests  that the price doesn’t move massively higher than the $50K resistance.

Must Read: Electroneum Outperforms the Market – ETN Price Surge More Than 100%

The Fibonacci extension level is at 1.414 , this brings the resistance to $51,400. Overall, the technical indicators suggest that the bulls will likely rest at this point and manage a consolidation again before the next uptrend.

Another prominent trader and analyst Josh Roger claim that “ If Bitcoin crossing $50k doesn’t catch people’s attention Nothing will I expect more people to want to flood the market in the coming weeks with a $BTC price over $50,000+ “

Monesh Kumar
Monesh Kumar
Monesh Kumar is a cryptocurrency and blockchain enthusiast. He trades cryptocurrencies and holds some but he prefers holding Bitcoin, Ethereum & Cardano.

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