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Bitcoin is back on track and could be poised to hit $ 50K if this historic trend persists



During the first week of the new year, Bitcoin continued its impressive uptrend breaking the $ 40K price. However, last weekend the asset went off the track with a considerable setback. With the latest move, analysts have warned investors not to have "weak hands" and miss the next move. Bitcoin is predicted to reach more than $ 50,000.

Bitcoin has found stability after a shaky weekend and at the beginning of the week. Since breaking its previous ATH record of $ 20K in mid-December, the digital asset has remained unstoppable. By the end of 2020, Bitcoin was hitting $ 30K, a year-end record price. After a 3-year bearish period, the impending uptrend has been dominating with minimal pullbacks and extended breakouts. With the first week of the year, Bitcoin had set a new all-time price of $ 40K.

Breaking the $ 40K wall

In just 3 days, Bitcoin has fallen back below $ 35K, marking a drop of more than 20%. Start of a bear market? Since the last bear market lasted more than 3 years, investors should be clear that it takes more than a few days or weeks before a trend sets in. Bitcoin is far from being proclaimed bearish. This especially considering the fundamentals that remain healthy and the fact that it remains above higher lows.

Also, historically setbacks have not necessarily been a bad thing. Investors sometimes have the opportunity to buy lower and profit on the way back. This recent pullback could be especially good for investors.

Historically, a 30% pullback for Bitcoin has been followed by 150% price growth. With Bitcoin hitting as high as 20% in no time, a bounce could put Bitcoin on track to set a new record well above $ 50K.

In the last 24 hours, the digital asset has been stable, hovering just above $ 37,000 and registering a marginal change. As the asset gets back on the winning track, investors should expect a wall at the recent $ 40K with some big players cashing in. But as soon as they are phased out Bitcon will be ready for a monumental win above $ 50K.


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