Bitcoin smashed the resistance levels and heads strongly towards its all-time high.
The bull rally which was speculated to be halted, gained momentum and now expected to hit $50K very soon
Some people also believe that the Bitcoin price is expected to retrace as high as 70%-80% in the coming days.
Large Influx of Stablecoins boosts BTC price
As coinpedia reported earlier that the issuance of stablecoins like Tether has a huge impact on the Bitcoin price, the recent bullish momentum is yet another instance. According to an on-chain analytics platform Santiment, a huge amount of stablecoins like USDC, USDT, DAI, etc are being infused into the exchanges that provided a sigh of relief for the BTC price that visited the lowest levels at $30K in recent times.
The bullish momentum however may have clear path smashing the barriers to reach that all-time high and also a much bigger bull run may hit the set target set above the ATH as predicted by one of the analysts, AlanMasters.
As per the chart put up by the analyst, Bitcoin price may hit $42,000 initially and continue surging until it smashes close to $50k.
Bitcoin price chart showcases a huge bull rally
The 4-hourly bitcoin price chart forecast a huge bull run for the digital asset which may carry the price above $50k. The similar pattern to that of the dip in november 2020 that pulled back the price from close to $20,000 to $16,000 and later had a drastic boost to the price that rallied to the current levels, doubling the price, is formed yet again.
If the BTC price rallies according to the previous pattern, then the price may hit not only $50K but also surge above these levels. However, the chances of a plunge or a correction cannot be ruled out as exchanges are currently running out of Bitcoin to sell. And according to a crypto analyst and trader, The Wolf Of All Streets, some people think Bitcoin price will have a retracement of nearly 70% to 80%.
Interesting Read: Bitcoin Price Poised to Hit $100K Within 3-8 Months !!