Bitcoin trader 'sees $50K shortly' as BTC price erases 20% ETF dip

Must read

February’s Bitcoin ETP net inflows close to total of previous three months

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›Connect via Access ProtocolAccess Protocol is a...

SafeMoon SFM token drops 6% following $11 million liquidity drain

More than $11 million worth of digital assets were removed as liquidity from various pools of the controversial crypto project SafeMoon, according to blockchain...

Divergent performances highlight resilience and challenges for Bitcoin ETFs and equities

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›Connect via Access ProtocolAccess Protocol is a...

Grayscale, DCG stand against Genesis plan to liquidate $1.6 billion in trust shares

Crypto firm Digital Currency Group (DCG) and Grayscale objected to bankrupt lender Genesis‘ move to divest its assets, including Grayscale’s Bitcoin Trust (GBTC), Grayscale...

Bitcoin (BTC) sought new two-year highs at the Feb. 12 Wall Street open amid fresh optimism over institutional buying.

BTC/USD 1-day chart. Source: TradingView

BTC price consolidates below key resistance

Data from Cointelegraph Markets Pro and TradingView showed BTC price action passing $49,000.

The prior daily close saw the highest levels in a month as bulls initially held their own, managing $48,800 before a retracement took the market $1,000 lower in the coming hours.

With significant resistance overhead, a tug-of-war between buyers and sellers was the key talking point.

“$BTC consolidating under previous top,” popular trader and educational content creator Mac told followers on X (formerly Twitter).

“Last time I saw something like this we exploded up. I see $50,000 shortly.”

BTC/USD chart. Source: Mac/X

Fellow trader Jelle meanwhile suggested that BTC/USD was already in a prime position to tackle all-time highs, now around $20,000 away.

“Historically, it does not take very long for #Bitcoin to reach the other end of this range,” he noted alongside a chart.

“Is this time different?”

As Cointelegraph reported, some are cautiously approaching the $50,000 topic, among them Keith Alan, co-founder of trading resource Material Indicators.

BTC/USD, he wrote in an X post on the day, would do well to retest support again, but traders should not take the consolidation scenario as a given.

“While I think it would be healthy to see #Bitcoin retest support, confirm an R/S flip and establish a foundation for another leg up, we must be prepared for the opposite scenario as well,” he concluded.

“There is a lot of sentiment for $50k and there isn’t a lot of ask liquidity above it to slow price down if price manages to break the Golden Pocket (.618 Fib). If it does, shorts are gonna get hella squeezed.”

BTC/USD chart with trading signals. Source: Keith Alan/X

Alan referenced the 0.618 Fibonacci retracement level at $48,300, as measured from the 2021 all-time highs.

Bitcoin ETF flows fuel bullish price takes

Meanwhile, the United States spot Bitcoin exchange-traded funds (ETFs) garnered increasing interest as the week began.

Related: Best weekly close since 2021 — 5 things to know in Bitcoin this week

Inflows saw their second-best day the week prior, with more than $400 million in a single day among the nine products on Feb. 9.

The latest data from crypto research firm Arkham put the Feb. 12 outflows from the Grayscale Bitcoin Trust (GBTC) at around 2,900 BTC ($140 million).

“Outflows from $GBTC remain relatively low,” popular trader Daan Crypto Trades responded, noting that ETF flows had been net positive for 11 straight days.

— Daan Crypto Trades (@DaanCrypto) February 12, 2024

As Cointelegraph reported, hope is increasing that the ETFs alone will be able to propel BTC price action higher, potentially even challenging all-time highs in the coming months.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

More articles

Latest article

February’s Bitcoin ETP net inflows close to total of previous three months

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›Connect via Access ProtocolAccess Protocol is a...

SafeMoon SFM token drops 6% following $11 million liquidity drain

More than $11 million worth of digital assets were removed as liquidity from various pools of the controversial crypto project SafeMoon, according to blockchain...

Divergent performances highlight resilience and challenges for Bitcoin ETFs and equities

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›Connect via Access ProtocolAccess Protocol is a...

Grayscale, DCG stand against Genesis plan to liquidate $1.6 billion in trust shares

Crypto firm Digital Currency Group (DCG) and Grayscale objected to bankrupt lender Genesis‘ move to divest its assets, including Grayscale’s Bitcoin Trust (GBTC), Grayscale...

Short-term Bitcoin holders send over $4B in profit to exchanges

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›Connect via Access ProtocolAccess Protocol is a...