Crypto markets are really bullish right now. Even though Bitcoin was unable to sustain over $50.5k yesterday and fell back as soon as it hits $51k, it has rebounded back. At present, it is testing $50.5k again, and today could be the day when BTC finally clears this level. While BTC was increasing, Ethereum also continued its massive gains for 5 days in a row. It has finally breached $4,000 again and has seen some price correction after that.
The next phase of the bull run
If Bitcoin clears $50.5k and confirms daily and weekly closing above this level, we could see the next phase of the bull run. Ethereum is just a few hundred dollars away from its all-time high, and altcoins are recovering at a fast rate. The markets are pumping really hard, and Bitcoin dominance is falling. If it falls below 39%, we could witness another alt season which is likely to bring great profits for a lot of investors.
I would like to stress the resistance at $50.5k again. This is because if we compare 2021’s charts to previous runs in 2013 and 2017, we could see that this is the point that BTC was unable to clear and fell back again. But clearing this opens Bitcoin to the possibility of a double top pattern and a new ATH. Analysis, metric and the S2F model also shows that Bitcoin could even touch $100k by the end of the year.
A massive opportunity is here.
If Bitcoin is able to continue this bull-run, then you can make huge profits this year itself. And if it doesn’t and falls back, all you need to do is apply dollar-cost averaging and hold for at least 4 years till the next bull run. If you do that, it is probable that you will make profits (at least the history shows that). Also, remember that no matter what others say, there is still a lot of risk associated with crypto investments. This is why invest what you are okay to lose.
What are your thoughts on the market sentiment as Bitcoin hits $51k? And do you think that we are going to continue this bull run? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: SBI holdings plan to launch a crypto fund in Japan.