After Bitcoin achieved 5 green weekly candles in a row, the price of Bitcoin finally broke through the $50K barrier during the Asian trading session on Monday morning.
Bitcoin’s big move has brought price levels back to where they were on May 15th.
At press time, bitcoin is trading at $50,290 according to coinmarketcap , after bitcoin gained 2.1% in the last 24 hours.
This move is in addition to the massive price hike that started on June 21.
Since then, bitcoin has gained 66%, or $20,000, to its current levels.
Bitcoin is approaching its all-time high:
At current prices, Bitcoin is now only 22.5% away from its all-time high of $64,800 that was hit on April 14.
Bitcoin is now trading above the 200-day moving average and has very little resistance between the current levels and the $57K level.
Lark Davis expects Bitcoin to make a potential 3-times jump during this cycle, which could put the Bitcoin price at six digits.
Analyst CrediBULL Crypto advised caution as resistance approaches, adding that this area is the most likely place to see a pullback.
Last week, the analyst nicknamed “PlanB” updated his popular model which is still on track to reconfirm his prediction that Bitcoin will reach $100,000 before the end of 2021.
He added that the chart indicates that the second phase of this upward trend is imminent.
Altcoins accompanying Bitcoin:
The total market capitalization of all cryptocurrencies increased by 2.14% to reach $2.15 trillion.
This means that altcoins have performed well for bitcoin.
Ethereum is up 3% today at $3,333 and is now only 23% away from its all-time high of $4,357 on May 12.
The third cryptocurrency Cardano by total market capitalization is flying outside the flock as it enters the stage of discovering new peaks.