Bitcoin surged rapidly during the New Year period, with a gain of over 17% in 7 days. Bitcoin also broke through the $50,000 mark at 1 am on February 13 and remained at that level before the deadline. This is the first time in two years that it has returned to $50,000.
Bitcoin reached the $50,000 level again in December 2021, more than two years later. After a long period of silence and the disastrous events of 3AC and FTX, it returned to $50,000. The price grew rapidly this time, with a surge of 17% in seven days.
On February 7, 10x Research predicted that Bitcoin would skyrocket in a few days when the price was at the $42,000 level, and believed that it would reach $52,000 by mid-March. He also stated that buying three days before the Lunar New Year had a high success rate with a return on investment of up to 10%. It seems to be a spot-on prediction.
On February 12, Andrew Kang, co-founder of Mechanism, emphasized the far-reaching impact of Bitcoin spot ETF on prices, and predicted that Bitcoin would reach a historical high next month. He predicted that Bitcoin would no longer drop below $40,000 in the future, and would rise to $50,000-60,000 in February, reaching a historical high in March. Unexpectedly, the price of Bitcoin reached $50,000 that night and immediately took effect.
Bitcoin ETF bullishness underestimated, Andrew Kang predicts Bitcoin to reach 50K in February and set a new high in March.
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Bitcoin
Further reading:
Yu Zhean’s perspective | Bitcoin spot ETF = Bull market? Understanding the blind spots and actual impact of Bitcoin ETF.
Bitcoin price returns to 37K, trading volume generally slows down, top 100 cryptocurrencies with gains: SNX, AR, NEAR.