Bitcoin's (BTC) price has garnered significant attention recently as it edges closer to the $50,000 mark, driven by a bullish weekly divergence. Top crypto analyst Michaël van de Poppe took to X (formerly Twitter) to highlight Bitcoin's impressive trajectory, noting its recent break above the $48,000 barrier.
The anticipation around Bitcoin's price movement is further intensified by the upcoming Bitcoin halving event slated for April. Historically, halving events, which reduce the reward for mining new blocks by half, thereby limiting the supply of new coins, have preceded bullish runs in Bitcoin's value. Van de Poppe has set his sights on the $50,000 target for Bitcoin, attributing his prediction to the halving event's impact.
As of the latest update, Bitcoin's price is $48,011, experiencing a slight downturn of 0.36% over the last 24 hours. However, the week paints a more positive picture, with an 11.19% increase in its value. The trading volume for Bitcoin has also seen a rise, up 7.08% in the last 24 hours, with a total of $20,347,457,133 circulating in trades.
In addition, recent statistics from CoinGlass indicate that Bitcoin saw $31.48 million in liquidations over the past day. This figure includes $18.59 million in long liquidations and $12.90 million in short liquidations, indicating a mixed reaction from Bitcoin traders as they navigate current market conditions.
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Takeaway:
Bitcoin's price is on the verge of reaching the $50,000 mark, driven by positive market momentum and the upcoming halving event. Traders and investors are closely watching Bitcoin's trajectory, as historical patterns suggest the potential for a bullish run. However, it is important to note that the cryptocurrency market can be volatile, and conducting thorough research and seeking advice from financial experts is crucial before making any investment decisions.
