Bitcoin Finally Climbs Back Above $50k, but can it Remain there?

[wikikoin]

Bitcoin price has just managed to breach the $50,000 resistance level after crashing below it on December 4th and hitting its lowest point since late September. The recovery above $50k could have greater implications, of course, as it might signal the start of a new rally. However, whether or not that will truly happen has yet to be seen.

Bitcoin in 2021​
Bitcoin has had a very eventful year, even according to the crypto standards. Everyone who is familiar with the crypto industry knows that these coins never sit still for too long, but Bitcoin’s track record is something that no other crypto can hope to match.

As many likely remember, Bitcoin was growing consistently ever since March 2020, when its price crashed due to the global economic meltdown caused by the COVID-19 pandemic. However, many now believe that crypto prices went down due to the correlation with the stock market, and not necessarily because people lost faith in digital coins.

Quite the opposite, in fact. After the sharp crash, the prices started growing rapidly, eventually reaching their former height. After that, Bitcoin started skyrocketing, becoming a leader of another historical rally.

Before the year ended, the coin even managed to hit its former all-time high of $20,000, and then exceed it, ending the year with a price beyond $29k per coin.

By January 8th, 2021m Bitcoin price was at $40,000 per coin, and after a brief recovery that lasted for the next few weeks, the coin started skyrocketing again, stopping just before $58k. Another recovery followed in the final week of February, only for BTC to skyrocket even further in March 2021, and then again in April, hitting the price of $64k.

After this, however, things started going downhill for a while. This was around the same time when Elon Musk announced that Tesla will stop accepting BTC payments due to Bitcoin’s major carbon footprint. Whether or not this was what caused the following price crash is still up to debate among the members of the crypto industry. What is known, however, is that mid-May 2021 caused a price crash that cut Bitcoin’s price in half by the time it was done

The drop finally finished in late July, after BTC dropped to $29k for the first time since the first days of January. Fortunately, the coin found a strong support level here, which allowed it to launch another recovery, and then a brand new rally that took it all the way up to $68,000 per coin. This new milestone was reached on November 10th, after which the coin once again saw a correction that took it down to $45k in early December.

But, Bitcoin started recovering once again in the last 7 days, which brought it back to $50,000, and even to $51k, which is where it sits at the time of writing.

Will Bitcoin’s newest gains last?​
At the time of writing, December 7th, 2021, Bitcoin is once again past $50k, after experiencing a rather rough weekend, where its price suffered a brief but notable sell-off. The fact that the coin managed to bounce back up came as a surprise to some, but it also managed to awake hope in others.

Now that the coin is above this level — even going up to $51k, technical analysts and market experts are waiting to see whether the coin can establish a support at these levels, or if it will lose its momentum and fall back down. Bitcoin did struggle to breach the $50k level, and then it had to work even more in order to reach $51k. However, it now has to put in even more effort to not drop below these levels and allow the bears to take over again.

Earlier this year, predictions about the coin’s price in the last days of the year were extremely bullish, with some predicting that BTC could even hit $90,000 per coin. At this moment, something like that seems improbable, although it is still not impossible. After all, BTC has seen rapid surges that took it up by thousands upon thousands of dollars in mere days, let alone weeks.

But, with that said, the coin is running out of time with each day that it spends struggling. According to the CEO of BitBull Capital, Joe DiPasquale, the fact that Bitcoin managed to reclaim the $50,000 level is great for the prospects of resuming bullish price action. But, the coin also needs to maintain this as a support and move towards several other resistances in order to truly invalidate the bearish momentum that took hold at certain moments of this year. DiPasquale has mentioned levels at $53k, $55k, $58k, and finally $60k as the most crucial resistances that Bitcoin has yet to breach in order to beat the bears.

StockCharts.com’s chief strategist, David Keller, also commented on the matter by saying that remaining above $50k is the key to Bitcoin returning to bullishness. If the coin fails to do so and falls below this level, Keller expects it to drop low to some major supports such as $40k and potentially even $30k — both levels that have proven to be crucial, and that managed to hold the coin’s price earlier this year when it was crashing down due to the bearish element.

What is next for Bitcoin?​
At this time, any predictions regarding Bitcoin’s near future can only be pure speculation. The coin must first show whether or not it has the strength to create a support at $50k. If it does manage to stay above this level, then a new price surge can likely be expected.

Of course, expecting to see BTC hit $90k is likely a bit too optimistic, given the short amount of time that the coin has to achieve this milestone by the end of the year, and a huge $40k gap between its goal and where it currently sits.

Of course, it is still possible for it to happen, as one major optimistic event could trigger a bull run unlike any other so far. It is unlikely that Tesla will start accepting Bitcoin again, as the coin did not solve its energy issues, but one thing that has been in the works for a while now is bringing smart contracts to the Bitcoin network.

This is something that holds great potential to turn Bitcoin into a development platform, instead of having its wrapped version used on existing development platforms. Any breakthrough in this area, or similar areas would likely cause a great price boost.

El Salvador and institutional investors are not stopping their BTC grab, so there is certainly no lack when it comes to the demand. And, finally, the US’ attempt to regulate the crypto industry might also have a serious impact on how the industry is accepted in the United States, and any positive developments in this regard would likely reflect on Bitcoin’s price, at least to some degree.

Source: https://wikikoin.com/bitcoin-sonunda-50-bin-dolarin-uzerine-cikti-orada-kalabilir-mi/

[hd49728]

Good enough but people are still very fearful if you look a Fear and greed index that is at 28 now.
https://alternative.me/crypto/fear-and-greed-index/

In coming weeks, you can trade Bitcoin in a range from $47k to $52k or $53k. It is safe to trade in this zone, before end of December, around last week of December.

We can not know where Bitcoin will go after December and to be safe, you should close your position before those days.

[rahmatrf331]

in the last few weeks and in the future it is rather difficult for us to predict the bitcoin market price. in one day the price could go up and down sharply, I think conditions like this will end the first week of 2022 and many investors are preparing for strong support in early 2022. bitcoin price broke through $50k again after being at $46k-$48 rb, the price is a new hope for investors like him.

[palle11]

We can not know where Bitcoin will go after December and to be safe, you should close your position before those days.

A trader does not fear volatility, bull or bear if you have the right strategy to spot the trend. I only know that having a good stoploss strategy can help. The fud is that of uncertainty of the direction of bitcoin price by the end of this year but that fear should be for hodlers and not traders, therefore price recovering at$50k and above two days ago, dropped yesterday and went back up to $50k above is good for traders who are spoting the resistance and support levels, those are what matters for traders but not exactly same for hodlers.

[sunsilk]

We can not know where Bitcoin will go after December and to be safe, you should close your position before those days.

It's been a year since the bull run has started and this is right that we don't know when it'll end and what's next for it. Just a while ago, it pulled back again to $49k.

I thought that it will be another series of staying there but no. We are uncertain if bitcoin will be staying to $50k this time and it's only possible if it goes up and surpassing $52k and above.

[el kaka22]

It is not "really" above 50k is it? I mean sure it is doing fine and a bit over but it is not comfortably there. When we talk about "over" we talk about like at least 55k+ probably more when things are a bit more calm. This is like a 10 minute job to go back down under 50k and could happen at any time.

I am not saying that it will, maybe it will go to 60k+ from here, who knows? But, that doesn't change the fact that we are way too close right now to say if it will remain there or not. If the sole purpose of this question is to make sure you are buying around the bottom, then nobody could answer that question for you, it is an unknown, you just have to trust your instincts.

[Finestream]

in the last few weeks and in the future it is rather difficult for us to predict the bitcoin market price. in one day the price could go up and down sharply, I think conditions like this will end the first week of 2022 and many investors are preparing for strong support in early 2022. bitcoin price broke through $50k again after being at $46k-$48 rb, the price is a new hope for investors like him.

Well, we all have different speculations when it comes to bitcoin these days. For me, even if the market seems always uncertain and unpredictable these days, once bitcoin will surpass a strong resistance level like $52k-$55k, then bitcoin is mostly creating a new momentum to move up which signals that a new ATH will be achieved in the near future. If it can't be possible within the last week of this year, then i guess it won't be a late off if we can see new ATH by the beginning of the new year. After all, we won't sell bitcoin if we think we are still losing, so we'll probably sell if it reaches its new peak.

[AliMan]

That's really amazing how valuable Bitcoin was, though it may sounds disappointing from previous weeks it go down so bad but the opportunity it had provided to several upcoming traders seems to be enormous.
Price recovery raging over time, and right now it started to climb upon it's journey towards $60k all over again. Definitely it's a good signs and I am confident that we're nearly seeing $70k and beyond soon.

[carlfebz2]

We cant really expect that the market would only have one movement in price.When theres a price slump then there would be recovery afterwards

even though knowing on when it would happen cant be possible but for sure it would happen because we cant really just stay down low forever.

When people are scared then its normal that those doubts and uncertainties which i cant blame them off but there are people who do
really loves to play with fire.

[cryptomaniac_xxx]

Well it's hard to say, but we are going to look at the recent movement, the price seems to be going up +7%.

So for me, if we continue this run up to at least $52k-$55k, chances are we are still in the bullish sentiments. And we all know that once people FOMO again it's hard to stop.

I thought that we are not going to get over $50k because of the news about Omicron, but it seems the investors are settled down. Not only crypto have a good bounce back already, but the rest of financial markets.

[TravelMug]

It's been staying there for the last 2 days isn't? What is the gauge for us to say that we are going to sustain this run?

So it's not that easy to say right now, and although it seems that somewhat the news about Omicron has simmer down, still not enough for most investors to put their money again on bitcoin or crypto in general. We have to wait at least the end of the week to see if we can maintain above $50k and even goes $52k for the start of a recovery phase from the covid-19 effects again.

And we might as well consider this year a very fruitful and thankful market as we have seen a new all time high of $68k. And be optimistic that maybe we can jump to $60k at least before they year closes.

[Kemarit]

It's really hard to predict at this point, as per TA there is no upside, volume is still very low and now in the last hour the price seems to dip below $50,000. Of course it can bounce back, but it seems this support might not hold for that long.

And unless we really break the bearish trendline and reach at least $52,600 and 53,000 resistance, we are not out yet of this bear sentiments that is still gripping the market because of the covid-19 strain. Everyone is affected not just crypto market.

[adaseb]

This move was largely in correlation with the stock market. It started on the day after Omicron was becoming an issue and it just got worse and worse with all that tapering and raising fed rates talk. You can easily compare the two chart and see that when BTC was rallying and then all of a sudden the stock futures were red, it started to sell off also.

And a few days ago the stock market started to rebound and so has Bitcoin. Most alts already recovered and BTC looks like it will retest that $53K resistance soon. So I can see some upside from here.

[Ararbermas]

Big investors already buying at dip so it's not surprising that it climb a little bit. And my personal opinion probably it will stay above in the current level before this year end as it showing a progress and it's a sign for some investors as well to buy and to add more because that's how it works when market dive after massive growth rate..

[LogitechMouse]

The next days of this week are very crucial for Bitcoin.
The resistance that analysts see is the $52,000 price and if Bitcoin goes above that price this week then we might see a continuation of the bull run but if it goes below $40,000 then chances of a bear market increases significantly.

Overall, seeing Bitcoin at the $50,000 price range is a sign of bulls controlling the market but it seems like Bitcoin is at the edge of the cliff and still there is a chance that it might go below that price. Like I said, the next days of this week are crucial to Bitcoin but Bitcoin going to $90,000 this year seems impossible after the big correction that happened.

[Jating]

Maybe the OP spoke too soon as the price goes down below $50k again after 2 days, right now it's $49,200 and I'm wondering that maybe we just saw a bull trap or the resistance is too far greater that it can't conquer it, hence there is a little sell off again and maybe try to reset everything in the next couple of days.

So maybe we get the answer now, not enough and can't sustain the $50k price for now. And yes, the market is still in the middle ground and not decided where to go and I think this is still a good sign that maybe we can have a break out run and become bullish before the end of the year.

[buwaytress]

Maybe the OP spoke too soon as the price goes down below $50k again after 2 days, right now it's $49,200 and I'm wondering that maybe we just saw a bull trap or the resistance is too far greater that it can't conquer it, hence there is a little sell off again and maybe try to reset everything in the next couple of days.

Not easy to speak at any time, really. Everything's just too finely poised at the moment. Too little volumes in either direction to dictate something of a weekly permanence even.

Not even enough of any inclination to say bull trap or otherwise. This is when either sub45k or post 55k is the marker for the next month's move.

Or we wait for another weekend effort.

I realise how silly even I sound trying to make sense of where we're going

[Lucius]

I realise how silly even I sound trying to make sense of where we're going

It's hard to catch up on anything concrete and say something meaningful when the situation is completely unpredictable, and December at least, for now, is not even close to what most hoped for. Every time a drop of 15-20% occurs, the crypto market reacts in a similar way, fear and doubts have crept in among small investors because the stories about the bear market were cooked a long time ago, and now they are served cold.

What is certain at the moment is that a lot of things are happening in the background, and quite under the radar is a hearing in the US Congress, to the Faketoshi case which many perceive as a direct threat to Bitcoin. Given the end of last year, anyone with any awareness of the situation should be happy with the current price.

[Doell]

Recovery is expected to happen as well because whales will always buy at the cheaper price and they did it, the price goes back on the $50k level but there’s still no assurance that we can stay above this level since we are still on the Month of December where people spend their money for holidays and to avoid paying taxes as well. The good thing here is that, if you do short trading you can have the profit now which you can use to reinvest again.

otherwise people will prioritize health over holidays because the pandemic period is not over ,we are now in a financial zone that has not fully recovered and people will involve bitcoin to secure their money ! the new variant raises alert and bitcoin is the safest asset in hope current times more likely to buy end in december so we can see a bull run at early of new year

[rahmatrf331]

 After watching the market for a long time, finally we have seen a meeting point between supply and demand, which is called the holding price between the two, namely $49k and $50k. bitcoin has stabilized after overcoming many hurdles which resulted in a drop in price of $42k and already looks stable at $49k now. no need to think too long and it is certain that prices above $50k will happen again in the near future.