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Bitcoin Crosses $50,000 as Wave of Positivity Hits — What is the Next Target?

Published February 13, 2024 5:08 PM
Nikola Lazic
Published February 13, 2024 5:08 PM

Key Takeaways

  • Bitcoin is now the 10th largest global asset, surpassing some major companies.
  • Spot Bitcoin ETFs have seen 12 times more inflow than mined BTC.
  • Bullish sentiments and macro factors are driving Bitcoin’s price surge.

Recent developments in cryptocurrency have placed Bitcoin in the spotlight, with several key milestones underscoring its growing influence and adoption in the global financial landscape. This caused an 18% surge in price from February 5, crossing a significant milestone of $50,000.  

But with the price being in an overall 29% uptrend from its last low on January 23, can this positive sentiment lead to more gains? 

Bitcoin’s Ascension in Global Asset Rankings

Bitcoin has leapt  to become the 10th largest asset globally, surpassing such giantsas Berkshire Hathaway, Tesla, and JPMorgan. 

Bitcoin on the 10th place.

With its market capitalization nearing $1 trillion, Bitcoin’s price surge to $50,000 signifies its increasing prominence and acceptance as a major financial asset. This achievement places BTC alongside traditional and tech heavyweights in the global asset ranking, highlighting its significant market influence.

Surge in Spot Bitcoin ETF Inflows

Spot Bitcoin Exchange-Traded Funds (ETFs) have witnessed unprecedented inflows, absorbing 12 times more BTC than the amount produced by miners over certain trading days. 


The massive demand for Bitcoin ETFs, especially for major players like BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund, underscores Wall Street’s growing appetite for Bitcoin. 

This trend indicates a shift towards institutional adoption of Bitcoin. This should further solidify its position in investment portfolios and also indicate the lack of balance between demand and supply. 

Bullish Market Sentiments and Price Projections

The optimistic market sentiment surrounding Bitcoin has been fueled by its robust performance and the potential impact of upcoming halving events. Influential figures in the crypto space, such as CryptoQuant CEO Ki Young Ju and crypto analyst Stockmoney Lizards, have made ambitious price projections, suggesting significant upside potential. 


The crypto’s recovery above the $50,000 mark supports this optimism. Now, it has stronger fundamentals compared to previous cycles and there is a confirmed bull market phase ahead.


Macro Factors and Institutional Interest

Macroeconomic factors and heightened institutional interest also drive the bullish outlook for BTC. Approvals of spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC) and the anticipation of rate cuts by the US Federal Reserve are expected to make BTC investment even more attractive. 

The upcoming halving, which could reduce its inflation rate, further propels Bitcoin’s appeal to investors.

Bitcoin Price Analysis 

BTC started a bull cycle on November 21, 2022, when it dipped below $16,000. Its price movements can be represented by five waves, and we are currently in the final one. 

Daily chart.
Macro outlook.

As Bitcoin is now over $50,000, the daily chart Relative Strength Index (RSI) has entered the overbought zone. This suggests that BTC will soon top out, but there is still more room to go. The next significant resistance is around $53,000, which makes that figure its next target. 

Once the current rise ends, we can still expect the start of a significant retracement. However, where it will drop to will depend on the current uptrend ending price.  


Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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