Bitcoin Just Hit $50K! Halfway To $100k?

The World’s largest cryptocurrency finally reached a massive $50,000 level for the first time in 2 years. What lies ahead for Bitcoin This Year?

The Bitcoin community can’t contain their excitement as Bitcoin (BTC) surged to $50,000 earlier today. This is the first time BTC has reached the $50,000 mark in over 2 years. In fact, over the last 7 days, BTC has surged by over 16%, indicating a strong bullish trend. Although it is still 28% below its all-time high of $69,000 in 2021, this is still good news for Bitcoin enthusiasts and investors.

Talking about the long term, BTC price is expected to remain extremely bullish as it tries to surpass the upper resistance of the expanding megaphone pattern. The volume has shifted in favor of the bulls, significantly increasing the buying pressure. As a result, BTC’s price is expected to break these levels and exceed the interim resistance of $51,900. However, after reaching this incredible milestone, the bulls might face exhaustion, which may urge the price to remain consolidated for a while.

What lies ahead for Bitcoin?

Analysts and experts are wondering about what’s next for Bitcoin. Industry expert Mark Connors has expressed his insights on BTC’s price, stating that BTC could reach $60,000 to $65,000. He also predicted that Bitcoin could reach up to $160,000 by the end of the year and $350,000 by the second half of next year.

Bitcoin’s market capitalization will also likely surpass $1 trillion this week, with its market cap going around $977 billion on Monday. 

At this time of writing, Bitcoin (BTC) is up by 4.44% in the last 24 hours, trading at $50,121.