After momentarily breaking above the $40,000 barrier level for the first time since April 2022—clearly the highest level for 2023—Bitcoin (BTC) has set off a fresh frenzy. Fear of Missing Out (FOMO) is expected to grow out of control with this trend, thus leading market analyst Ali Martinez has highlighted two important Bitcoin levels to watch.
As of this writing, the value of Bitcoin is $41,511.85, up 5.11% over the last day, on top of a 102% increase in trade volume to $32,083,399,386.
Martinez’s chart indicates that $47,360 is the next significant price that Bitcoin is expected to surpass. The $37,000 price range is the next critical support zone to keep an eye on, according to the experts, even if Bitcoin’s present perspective indicates retesting this price level is feasible in the medium- to long-term.
https://x.com/ali_charts/status/1731601999332807036?s=20
Since the beginning of the year, Bitcoin has experienced erratic growth, rising from about $16,663 to this point. The year-to-date (YTD) rise of over 150% has significantly contributed to the company’s narrative turnaround. If the coin manages to break beyond the $47,360 mark as Martinez predicted, it may eventually rise above $50,000.
Is Bitcoin (BTC) at $50,000 possible?
Given that the coin has already accomplished this feat, retesting the $50,000 barrier level and beyond is feasible with Bitcoin’s all-time high set at $68,789.63.
Although MicroStrategy’s steady gains demonstrate that mainstream institutional investors are still interested in Bitcoin, the possibility that the SEC will approve a Bitcoin Spot Exchange Traded Fund (ETF) product will bring in the enormous amount of capital that the coin requires to chart an ambitious price surge.
As of right now, Bitcoin has proven that even in stealth mode, it is capable of shocking investors with skillful price manipulation.
