Bitcoin Surges Beyond $50K: Reviving The Crypto Bulls

Bitcoin (BTC) has passed the important psychological $50,000 price mark for the first time since 2021. It has continued upward, with nearly $40 billion flowing into its market capitalization in the last day alone. This has brought great excitement across the entire cryptocurrency sector.

Bitcoin’s market cap raced from $945.31 billion to $982.41 billion within 24 hours. This means it has added as much as $37.1 billion and grown by 3.93% during this period, according to the latest information from crypto market tracking platform CoinMarketCap on Feb 13.

Source: CoinMarketCap

Meanwhile, the original crypto asset traded at $50,066 at press time. This suggests a 4.13% gain in the last 24 hours, advancing 16.42% over the previous seven days and increasing 16.43% on its monthly chart. This is according to the most recent data available.

Source: Finbold

Bitcoin Breaks Records, DeFi Surges: Analysts Bullish

At the same time, crypto trading expert Jelle pointed out that Bitcoin has broken the 0.618 level before halving for the first time in its history. He described this as making it the “strongest start to a new bull cycle, ever”, and allowing it to print new highs, according to an analysis he shared on X, Feb 13.

For the first time in its history, #Bitcoin has broken the 0.618 retracement before the halving.

The strongest start to a new bull cycle, ever.

2 months to go until the halving event, this cycle will probably play out differently than the others. pic.twitter.com/fGlC0uEkp7
— Jelle (@CryptoJelleNL) February 13, 2024

Moreover, crypto analyst Ali Martinez highlighted that “it seems the market has just emerged from a period of anxiety and has re-entered a new phase of belief.” He suggested, “We might see additional upward momentum for Bitcoin before reaching the peak of euphoria that characterizes the end of the bullish cycle.”

From a market sentiment analysis standpoint, long-term $BTC holders typically navigate through a cycle of emotions during a bullish period, starting with capitulation, progressing through hope, optimism, and belief, then experiencing a brief period of anxiety marked by a price… pic.twitter.com/cpotE5KkLo
— Ali (@ali_charts) February 13, 2024

The flagship decentralized finance (DeFi) asset has triggered an unstoppable bullish rally, with the possibility of even ending up at a new all-time high. This would surpass its previous record in November 2021 when it briefly traded around the lofty price of $69,000.

Crypto enthusiasts are thrilled to see Bitcoin regain strength and blast past the important $50k barrier again. Its impressive gains over the last day, week, and month signal renewed optimism and point to a potential new parabolic bull run ahead. Only time will tell how high and far this latest Bitcoin rally can go.

Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.