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Bitcoin Approaching $ 50,000 - Is The Christmas Rally Coming?

 


For the first time in a few days, the Bitcoin price moved back towards $ 50,000. The lower resistance at $ 46,000 held up. A jump above $ 50,000 could give the largest cryptocurrency another boost at the end of the year. Are we going to a Christmas rally?

Bitcoin jumps to $ 49,000

In the past few days, the Bitcoin price has moved around $ 46,000 again and again. This mark established itself as the bottom resistance for cryptocurrency. However, there were no signs that BTC could move back up.

In the past 24 hours, however, the price has moved up again more strongly. There was a strong rally at $ 47,000, bringing Bitcoin to $ 49,000. For the first time in several days, the cryptocurrency made a significant leap and gained more than 5% in value.

Breakthrough at $ 50,000 -> rally to $ 60,000?

The mood on the market has been very pessimistic in the last few weeks and has not improved in the last few days as the Bitcoin price steadily approached the lower resistance. Many investors expected another slide and a crash towards $ 40,000.

The resistance at $ 46,000 has now been stable for more than 1 week. The likelihood is that the current market correction has bottomed out. Should the Bitcoin price actually exceed $ 50,000, we could see massive support. Then even the $ 60,000 before the New Year would be possible.

Bitcoin remains fundamentally strong

I had considered the possibility of a Bitcoin course at $ 60,000 at the end of the year as a possibility. This could well be possible in a scenario where we break through $ 50,000 in the next few days. This is supported by the very good fundamental data of the Bitcoin blockchain.

The hash rate is an extremely important factor. This continues to move at an all-time high and has recovered very well this year after the major crash following the mining ban in China. Other on-chain data also suggests that the bull market is very likely not over yet.

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