Bitcoin Surpasses $47,000

On the morning of February 9, the price of the leading cryptocurrency held above $46,000.

February 9, 2024 | 14:58Update:

Bitcoin’s price continued its upward trajectory, surpassing $47,000. At the time of writing, the asset is near $47,200, having gained 5.4% in the past 24 hours (CoinGecko).

February 9, 2024 | 15:25Update:

Ethereum has gained 3.9% in the past 24 hours. At the time of writing, the second-largest cryptocurrency by market capitalization is holding above $2,500.

Over the past day, digital gold has appreciated by 4%. According to CoinGecko, its market capitalization has reached $906 billion with a trading volume of $29 billion.

The cryptocurrency fear and greed index has reached 72, indicating buyer pressure.

Other digital assets in the top 10 by market capitalization also entered the “green zone”.

MN Trading founder Michaël van de Poppe noted that Bitcoin “is showing tremendous strength.” He suggested that the asset might consolidate in the $38,000-$50,000 range.

#Bitcoin is above $45K and showing a lot of strength!

Between $38-50K is the defined range and the expectance that we’ll consolidate.

Positive impact of the ETF = priced in.
Negative impact of the ETF = priced in.

Now we’re back to regular, organic growth of the markets. pic.twitter.com/DBNqARPeRW

— Michaël van de Poppe (@CryptoMichNL) February 8, 2024

“The positive impact of [spot] ETFs is priced in. The negative impact of ETFs is also priced in. Now we’re back to regular, organic growth of the markets,” the expert added.

Analysts at LMAX Group emphasized that the leading cryptocurrency has broken through a “short-term consolidation level.” This has opened the path for growth to $50,000, with lower support at $41,800, according to the company.

#Bitcoin: Recent consolidation broken opening the door for push through $50k. February 1st low now comes in as key short-term level to watch below. $BTCUSD pic.twitter.com/b0SwIp2OZp

— LMAX Group (@LMAX) February 8, 2024

Prior to the rise, an analyst known as Ali highlighted the Supertrend Indicator, which signaled a buy on Bitcoin’s monthly chart at around $45,000.

Popular blogger PlanB has suggested that after the upcoming halving, Bitcoin will become scarcer than gold and real estate, with its price reaching $500,000.

However, DecenTrader has suggested a sell-off might occur after the halving of miners’ rewards. They predict Bitcoin will reach a new all-time high in the fourth quarter of 2024.