Bitcoin has crossed the psychological threshold of $50,000 for the first time in more than two years, causing a stir in the cryptocurrency market and attracting the interest of investors around the world.
Since the beginning of the year, the largest cryptocurrency by market capitalization has risen more than 16 percent, reaching $50,349 on Monday, its highest level since December 27, 2021.
Antony Trenchev, Co-Founder of the Nexo platform, said, "$50,000 is an important milestone for Bitcoin after the launch of spot ETFs last month not only failed to trigger a move above this key psychological level, but led to a 20% sell-off."
Josh Gilbert, crypto analyst at eToro, believes that Bitcoin will continue to rise as macroeconomic conditions become increasingly favorable for risky assets.
"We expect four or five Federal Reserve rate cuts in 2024, a fourth Bitcoin halving that will exacerbate the scarcity of the asset, and further inflows into Bitcoin ETFs after billions of dollars have been poured into them just weeks after launch," Gilbert told Cointelegraph.
The latest data from CoinShares showed that inflows into spot Bitcoin ETFs exceeded $1.1 billion last week, marking a record seven-day inflow since January 11, 2024.
BTC expert and trader nicknamed Doctor Profit on his X (Twitter) page said that the Bitcoin market has entered the third phase of bullish growth, which is called the "golden bull," the most anticipated event for investors. This phase began with a decisive breakout above the 48k level.
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As Bitcoin enters the "golden bull" phase, Doctor Profit expects BTC to make a new all-time high (ATH).
The third bullish phase is characterized by accelerated market momentum and widespread adoption, leading to increased demand and consequently higher prices.
As Bitcoin enters the golden bull phase, the expectation of a new all-time high (ATH) becomes more tangible.
CryptoQuant CEO Ki Young Ju also believes that the price of Bitcoin could exceed $112,000 this year.
At the time of writing, BTC is trading at $50,031, up 3.83% in the last 24 hours.