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Will Bitcoin price Break $50K level in Coming Week? On-Chain Metrics gives a green signal!

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Bitcoin reached its highest level since mid-September on Friday. It has made a strong comeback and is closing in on the crucial $50,000 level. One reason for bitcoin’s uptick in price is Powell’s remarks on Thursday. 

The most valuable cryptocurrency was up over 6.45% to $47,671, with a high of just under $48,000. Bitcoin is on track to register its highest daily percentage increase since mid-June if current advances continue.

Bitcoin On-chain metrics:

BTC skyrocketed when shorts were forced out of their positions, with 539 BTC shorts liquidated in under a minute, propelling BTC to $47k. BTC’s rise has now reached an intraday high of over $48k. 

bitcoin-chain-metrics

BTC on-chain metrics have remained steadfastly optimistic. Despite the 55% drop in May, ongoing liquidation events, and FUD, long-term holders, and miners have continued to accumulate.

John Bollinger, a well-known trader who rose to fame after inventing the Bollinger Bands indicator, has taken notice of Bitcoin’s latest short squeeze, which has propelled the largest cryptocurrency to its highest level since September 22.

Now that Bitcoin has gone beyond Bollinger’s initial objective, the top currency is expected to soar to the upper band, which is slightly below $50,000.The day after traders sold the El Salvador news, traders went positive on Bitcoin.

The benchmark cryptocurrency returned to $48,000 earlier today, recouping all losses incurred as a result of the Evergrande crisis and China’s stepped-up cryptocurrency persecution.

BTC looks well-positioned for significant upside, with near-term technicals suggesting significant improvement, a strongly bullish on-chain trend, and divergence from global markets which can push the price further high.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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