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Bitcoin Continues To Rise – Is It Heading Towards $50,000?

Bitcoin (BTC) continues to surge, surpassing the $48,000 mark for the first time since the ETF was launched.

It was indeed a big month for Bitcoin. After being volatile for some time, the leading cryptocurrency has shown an incredible upsurge in the first weeks of February. After surpassing the $47,000 mark last week, BTC has reached a new high level of $48,000 for the first time since the BTC ETF launch. This bullish trend has also made waves among other significant cryptocurrencies.

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As Bitcoin continues to soar high, the attention its getting is turning into rapid growth of profitable addresses. Could this mean that Bitcoin will reach $50,000 soon?

According to the report from IntoTheBlock, the current surge has put 90% of BTC holders in a good position, with a low chance of a mass sell-off and more ways of sustained growth. Bitcoin is now aiming for the $49,000 level, and if the surge continues, it won’t be too long before it reaches $50,000.

An analyst also suggests that BTC may be forming a bullish ‘cup and handle’ pattern, a technical indicator wherein it signals a trend reversal following a downward trend. The current build-up phase within this pattern shows an opportunity for investors to stock up on low-priced assets. In this case, a breakout beyond the $49,000 level could confirm this pattern and possibly set a target for the BTC price to the $81,600 level.

Meanwhile, as BTC approaches the $50,000 mark, institutional investors, or “HODLers,” are now making their move. In fact, Microstrategy has recently increased its holdings by 190,000 BTC, equivalent to $6.16 billion, marking its place as a pioneer in the field. The company made over $1 billion in unrealized profit in November last year from acquiring BTC holdings at an average price of $29,857.

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Sophia Cruz
Financial Writer - Asian & European Desks
Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.
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