After posting 5 green weekly candles in a row, Bitcoin prices have finally breached the $50K barrier during Monday morning’s Asian trading session.
The big move has returned price levels to what they were on May 15 when the asset was in rapid retreat from previous highs.
At the time of press, Bitcoin was trading at $50,340 according to Tradingview, after gaining 2.6% on the day. The move adds to a massive upswing in price which began on June 21. Since then, BTC has gained 66%, or $20K, to current levels.
Bitcoin Closing on ATH
At current prices, BTC is now just 22.5% away from its all-time high of $64,800 which was hit on April 14. It is now trading above the 200-day moving average and has very little resistance between current levels and around $57K.
Crypto YouTuber Lark Davis predicted a possible gain of 3 times for Bitcoin during this cycle which could put prices well into six figures.
“Bitcoin could still grind out a 3X this bull cycle, some big cap alts 10X, mid to low caps 100X. Alts are for making this big gains, bitcoin is for keeping the gains!”
Analyst ‘CrediBULL Crypto’ advised caution as resistance approaches adding that this area is the most likely place to see a pullback.
As we approach key resistance between 52-60k, it is time to be cautious. While it’s possible we break through, this region is the MOST LIKELY place to see a correction if we are going to get one. Also, funding has flipped positive for the 1st time since our 28k bottom. $BTC https://t.co/LnBHTT5Fcy pic.twitter.com/Po3Rg15hYa
— CrediBULL Crypto (@CredibleCrypto) August 23, 2021
Last week, analyst ‘PlanB’ updated his infamous stock-to-flow model which is still on track reconfirming his prediction of $100K Bitcoin before the end of 2021. He added that the chart suggests that the second leg of this bull run is imminent and today’s momentum seems to be in agreement.
Elsewhere on Crypto Markets
The total market capitalization for all crypto assets has gained 3.2% to reach $2.22 trillion according to CoinGecko. This means that altcoins have been outperforming Bitcoin over the past 24 hours.
Ethereum is up 3% on the day to reach $3,342 and is now just 23% away from its ATH of $4,357 on May 12. Cardano has been one of the biggest gainers recently, however, as the long-awaited smart contract upgrade nears.
ADA has reached an all-time high of $2.84 a couple of hours ago after gaining 11.5% on the day and jumping to third place in the market cap charts.
Also performing well today are Binance Coin, Terra, Avalanche, and Monero.