In a volatile week for the cryptocurrency market, Bitcoin is setting its sights on the $50,000 mark, fueled by optimism surrounding the potential approval of a Bitcoin exchange-traded fund (ETF) and a resurgence in whale wallet activity.
At press time, Bitcoin was trading at $43,223, just above the $43,100 minor psychological threshold, having experienced a 2.42% price increase over the past 24 hours. Other notable performers over the past day include Avalanche, up 10%, and Solana, which rose by 12.9%, surpassing XRP and BNB to claim fourth place in the rankings, while the overall digital asset market capitalization surpassed $1.6 trillion.
That said, the recent climb in Bitcoin’s price is attributed to both ETF optimism and a resurgence in whale wallets, as highlighted by popular onchain analytics firm Santiment. In a tweet, the firm attributed Bitcoin’s surge to a 10-day high of $44.2K on Wednesday to positive ETF sentiments and a notable increase in whale wallets.
As per the firm, the return of 22 whale wallets, each holding over 100 BTC after a two-week decline has bolstered market confidence. Additionally, the firm noted that the asset’s daily RSI (relative strength index) has reached its most bullish level since the rally began on October 15th, further supporting the case for Bitcoin surpassing $50,000.
Elsewhere, industry experts, including MicroStrategy founder Michael Saylor, are expressing bullish sentiments on Bitcoin’s future. In a recent CNBC interview, Saylor stated that Bitcoin’s trajectory could lead it to either collapse to zero or surge to $1 million upon the approval of the first spot Bitcoin ETF in the United States. Saylor, however, clarified that achieving the $1 million milestone is contingent on the spot ETF’s approval, emphasizing that the product holds the key to bestowing institutional legitimacy upon Bitcoin.
Ryan Selkis, founder and CEO of crypto research firm Messari, also offered an optimistic outlook, predicting that in 2024, Bitcoin will lead a bullish phase in the cryptocurrency market, surpassing most other assets in growth. In a report published Tuesday, Selkis emphasized the difficulty of predicting exact price levels due to factors such as politics, trends in stock markets, and the state of the US economy. However, he envisioned a digital era where Bitcoin becomes the digital equivalent of gold, potentially reaching over $600,000.
Notably, the pundit highlighted Bitcoin’s MRVR (Market-Value-to-Realized-Value) indicator, which is currently at 1.3, indicating a recovery stage for Bitcoin. Values below 1 suggest an accumulation phase and values above 3 signal the top of the cycle. Despite a 150% growth in 2023, Selkis further noted that Bitcoin remains a sound long-term investment.
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