If you are wondering if the Bitcoin bull market is over or not, you are at the right place. Bitcoin is currently trading just below $50k, which is very critical for this bull run. If BTC is able to clear the $50,500, then we will see this bull-run continue and witness a double top pattern where the price of Bitcoin makes an all-time high again. But in case it gets rejected at this price and the value drops, then this will be the end of this bull run.
Why is $50k a very important level?
In the 2013 and 2017 bull runs, the price of Bitcoin made a high and then consolidated. But after it touched the 50 weekly MA the price saw a very good pump and recovered till the 20 weekly MA before going to a complete bear market. Even in the case of the 2017 bull run, we saw the same pattern where there was a dead cat bounce before the market became bearish. So, in the case of the bull run in 2021, we need to be easy of the same pattern. It has already seen a jump from the 50 weekly MA, and now, to invalidate all previous bearish patterns, the final resistance that Bitcoin needs to cross is $50,500.
The good part
Indicators suggest that the crypto market is becoming mildly oversold at this level and if that’s the case, no matter what, the price will rise soon. We should also note the fact that the number of Bitcoin hodlers are rising, and the outflows from exchanges continue as markets become bullish. Another important thing is that after the $50,500 level, there are no more resistances, and we could see a new high in no time if the price is able to cross this level.
Another important point is that the US plans to print a lot of money in the near future which will be great for Bitcoin. And since they are also planning to tax BTC gains it will make sure that Bitcoin is treated as a legal asset in the US.
Do you think that Bitcoin at $50k is very critical? And will it be able to clear this level and move to new highs? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.