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1 week after the price collapse: Bitcoin cracks the $ 50,000 mark again



After crashing below $ 43,000 last weekend, the Bitcoin price has apparently recovered and cleared the $ 50,000 hurdle. Is it now the crypto cops' turn again?

Persistent concerns about the impending crash of the Chinese real estate company Evergrande and a feared new corona wave from the Omikron variant had brought the Bitcoin course to its knees last week. Within hours, the price of the largest cryptocurrency fell from Friday to Saturday by $ 10,000 to around $ 47,000 - in the meantime, even less than $ 43,000 was booked. After a week of back and forth, Bitcoin picked up speed again on Sunday.

Bitcoin breaks psychologically important mark

On Sunday afternoon, the Bitcoin price broke the psychologically important mark of $ 50,000 again - an increase of at least 3.5 percent compared to the previous day. In the middle of the week the price had already risen once - it went up to over $ 51,000 - but had fallen all the more shortly afterwards. So far, around $ 50,600 is on the price list for Sunday. Recently, the Bitcoin price fell slightly again. On Sunday evening, a unit of Bitcoin is worth $ 50,300.

In the wake of the Bitcoin recovery, the prices of most of the altcoins in the top 100 also turned green. The number two in the crypto market, Ethereum / Ether, also gained a little more than three percent to $ 4,150. In percentage terms, the so-called metaverse tokens, such as Decentraland (Mana) and Sandbox (sand), as well as the Shiba Inu meme token, which were each hit by the worst, were able to show a plus of between six and eight percent.

Analysts argue about price forecast

Meanwhile, it is unclear whether the recovery is only an intermediate step in a bear market that continues to move downwards. Some analysts are now assuming this. Justin Kwok, chief analyst at the Bexplus crypto exchange, expects the price to drop to $ 31,000 by the end of 2021 - and even less . Analyst PlanB, on the other hand, does not yet believe that the bears have replaced the bulls and predicts that a new all-time high will be reached in the coming weeks. The achievement of the $ 135,000 mark, originally announced by PlanB for the end of December / beginning of January, is unlikely to be realistic anymore.

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