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Bitcoin (BTC) at $50,000 Surely Next Target, But One Thing Is Missing

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Mon, 4/12/2023 - 9:23
Bitcoin (BTC) at $50,000 Surely Next Target, But One Thing Is Missing
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Bitcoin has ascended past the $40,000 mark for the first time since late April of 2022. This milestone achievement, seen as Bitcoin closed the weekend on a high note, has many speculating that $50,000 is the cryptocurrency's next logical price target. However, much of the crypto community's attention is fixed on the ETF confirmation dates, which could potentially lead Bitcoin's climb to $50,000.

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The market has been voraciously absorbing the positive sentiment, as indicated by Bitcoin's decisive breakout at $41,000, a resistance level that had previously acted as a significant barrier. Observing the chart, the price action has not only breached this level but has also established it as a potential new support zone. 

However, there lies a conspicuous absence in this market rally — the approval of a Bitcoin ETF, which many investors are eyeing as the main propellant for sustained market growth. The sanctioning of a Bitcoin ETF is anticipated to usher in a new era of institutional investment, providing a safer and more regulated vehicle for traditional investors to gain exposure to Bitcoin

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Despite the ETF's pending approval, the industry is not solely reliant on it. The intrinsic indicators suggest that the crypto market is entering a bullish phase, independent of external catalysts. The moving averages on the chart display a golden cross, where shorter-term moving averages cross above longer-term ones, a classical bullish sign in technical analysis that also shows the presence of extremely high momentum on the market.

While the approval of a Bitcoin ETF could indeed serve as a significant boost to Bitcoin's value, the current market dynamics and technical indicators suggest strong bullish sentiment. Bitcoin's breakthrough above $41,000, combined with the golden cross observed in the moving averages and heightened trading volume, underscores a market that is gathering momentum on its own merits.

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