Bitcoin breaks above 50k as cryptosphere crows, bulls look to maintain positive momentum
(Kitco News) – Bitcoin took off like a rocket to start the week, with the top crypto seeing a bullish run from $47,941 at 9 am EST all the way up to $50k by 11 am, gaining over 2.5% during that time and hitting a two-year price high.
The breakout rally has the cryptosphere abuzz, as many were predicting a prolonged period of consolidation ahead of the halving in April, while other pointed to the growing impact of positive ETF flows as the catalyst for the rally.
“It’s official,” wrote analyst Rekt Capital on X. “The Pre-Halving Downside period is over.”
It’s official
The Pre-Halving Downside period is over
The Pre-Halving Rally phase has begun$BTC #Crypto #Bitcoin pic.twitter.com/8RVRx2wNIT
— Rekt Capital (@rektcapital) February 12, 2024
“No big correction coming. This is pre-halving accumulation,” wrote Stockmoney Lizards, and shared the following chart of Bitcoin’s projected performance ahead of April.
Bitcoin magazine, for their part, had fun with the failed predictions of Bitcoin’s firm resistance.
$50,000 is the next victim. #Bitcoin pic.twitter.com/BQ0ixMwyUA
— Bitcoin Magazine (@BitcoinMagazine) February 12, 2024
“Bears on life support rn,” posted the Kraken Exchange in a demonstration that brevity remains the essence of wit.
Bitcoin pulled back to support in the $49,500s but looks poised to make another run as it just broke above 50k for the second time at 12.17 pm EST when this was written.
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