Analysts Believe Bitcoin Begins Early Bull Run and May Hit $50,000 This Month

12:55 am
December 9, 2023
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## Bitcoin’s Bullish Rally: Analysts Predict $50,000 This Month

Bitcoin’s meteoric rise has analysts predicting the cryptocurrency to skyrocket to $50,000 this month, amidst signals indicating the beginning of an early bull run.

As of now, Bitcoin has surged by more than 13% in the past week, reinforcing the bullish sentiment. Alistar Milne, a prominent analyst, noted that Bitcoin’s current upward trajectory is possibly signaling an end to the worst bear market phase it has faced while under the 200-week Moving Average price. Milne anticipates a significant bullish crossover as the 50-week Moving Average crosses the 200-week Moving Average, a move indicative of a potential bull market for the leading cryptocurrency. These optimistic forecasts are bolstered by the bullish forecast presented by CryptoCon, who compared Bitcoin’s current cycle with the 2015/2018 cycle and predicted a substantial increase in value.

CredibleCrypto also weighed in, setting a price target of $50,000 for Bitcoin this month. The analyst highlighted Bitcoin’s recent gains and the influx of $30 million worth of spot bids as factors that could propel the cryptocurrency to reach the anticipated milestone. However, the analyst admonished traders to exercise caution despite the encouraging outlook.

The surge in Bitcoin’s value is also evidenced on the Deribit exchange where BTC and Ether (ETH) options trading have hit a new high, with Bitcoin’s options accounting for 67% of the total. Luuk Strijers, the Chief Commercial Officer at Deribit, revealed that the cumulative dollar amount locked in BTC and ETH options contracts, including open and outstanding contracts, surpassed $23.6 billion, a significant milestone for the exchange.

Several factors are thought to be fueling the rally, with El Salvador’s recent announcement of its “Freedom Visa” and citizenship program in partnership with Tether being a major contributing factor. The program, which requires a $1 million investment in the country using BTC or USDT, could potentially generate substantial annual revenue for the government.

Furthermore, Bitcoin’s value is also receiving a potential boost from the activation of a large amount of BTC mined in the ‘Satoshi Era,’ which has recently moved to trading desks and custodian services.

The positive outlook for Bitcoin’s future is underpinned by an array of bullish indicators, prompting optimism among traders and analysts alike.

### FAQ

### Q: What are analysts predicting for Bitcoin’s value?
A: Analysts are predicting Bitcoin to reach $50,000 this month based on bullish forecasts and positive market indicators.

### Q: What factors are contributing to the Bitcoin rally?
A: Factors such as El Salvador’s “Freedom Visa” program, significant investments, and the activation of dormant BTC mined in the past have been cited as contributors to Bitcoin’s rally.

### Q: What significant milestone has the Deribit exchange achieved?
A: The Deribit exchange has recorded a cumulative dollar amount locked in BTC and ETH options contracts exceeding $23.6 billion, with Bitcoin options accounting for 67% of the total.

### Q: How is El Salvador involved in the Bitcoin rally?
A: El Salvador’s recent announcement of its “Freedom Visa” and citizenship program in partnership with Tether, which requires a $1 million investment in the country using BTC or USDT, is seen as a significant contributing factor to the Bitcoin rally.

### Q: What recent movements have affected Bitcoin’s value?
A: The activation of a substantial amount of BTC mined in the ‘Satoshi Era,’ which has moved to trading desks and custodian services, has influenced Bitcoin’s value.


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