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.

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.