Bitcoin Gains Amid Central Bank Easing: Could $50,000 Be Next?

Bitcoin (BTC) has recently surged, surpassing $30,000 as the cryptocurrency benefits from positive market sentiment amid ongoing economic uncertainties.

There is growing anticipation among investors regarding the future price of Bitcoin. According to a tweet from Stockmoney Lizards, an anonymous analyst in the cryptocurrency market, there is a chance that the digital currency could reach $49,000 in the upcoming months.

Pre-Halving rally ongoing. Possible target for the next months.#Bitcoin pic.twitter.com/iJpOHyv9cn

— Stockmoney Lizards (@StockmoneyL) April 15, 2023

As the world economy experiences a decline in inflation and central banks are expected to shift their policies toward monetary easing, Bitcoin’s latest surge has emerged, with crypto trading analyst Michael van de Poppe suggesting that investors should expect “shallow corrections in an upwards trend.”

#Bitcoin looks strong, but will have some shallow corrections in an upwards trend.

I've marked $31.7-32K as important resistance point.

However, $25K was the level everyone wanted to buy. This will probably shift to $28.5K, and then nobody buys.

I'd prefer to focus on $29.7K. pic.twitter.com/m18Qo5UvDn

— Michaël van de Poppe (@CryptoMichNL) April 14, 2023

According to the Bitcoin rainbow chart, there are indications that BTC could be starting a fresh rally in anticipation of the halving event. The asset is situated in the ‘Accumulate’ zone, making it a valuable tool for investors seeking to monitor potential price changes in Bitcoin.

Bitcoin’s recent surge can be attributed to several factors. One of them is the positive response it received in light of the banking crisis and the Federal Reserve’s decision to raise interest rates, which led to consolidation.

Additionally, the decrease in consumer prices in China significantly pushed Bitcoin’s value above the $30,000 mark once again.

Nonetheless, external factors such as regulatory outlook and the broader economic trajectory will influence Bitcoin’s possibility of hitting $50,000.

At press time, Bitcoin was trading at $30,446, up almost 9% on the weekly chart and has a trading volume of $11.6 bilion.

The 1-day TA from TradingView shows a bullish santiment with the summary and moving averages pointing to “buy” and “strong buy,” respectively, at 15 and 13.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.