Bitcoin breaks above $50,000 as upward momentum continues
The price of Bitcoin exceeded $50,000 for the first time since 7th September, the day Bitcoin became legal tender in El Salvador. The world’s largest cryptocurrency had dropped to around $47,600 in early trade before rising to a high around $50,300. Speculation about a Bitcoin ETF continues to linger in the background, with optimism that the US Securities and Exchange Commission (SEC) will soon approve a futures-based ETF.
According to Bloomberg ETF Analyst Eric Balchunas, there is a 75% chance that a Bitcoin futures ETF will be approved this month. Approval of a Bitcoin ETF is seen as another step towards cryptocurrencies becoming a mainstream financial market asset. A futures-based ETF is more likely to see approval first and is viewed more favourably by the SEC Chair Gary Gensler due to their derivatives-based nature making them easier to regulate.
Meanwhile, crypto investment products and funds recorded inflows for a seventh consecutive week last week, according to data from CoinShares, signalling that institutional interest in Bitcoin and other digital assets isn’t slowing down.
Technical View
After trading above $50,000, Bitcoin is now testing trendline resistance around its current level of $50,300. The next level to the upside traders will be focusing on will be the September high around $52,900. A move and close above that level and some analysts are calling for Bitcoin to test its all-time highs around $65,000 within a matter of weeks.
If Bitcoin fails to hold gains above $50,000 then the door may be open for another small correction. If that is the case, then the 18th September high around $48,800 could act as support. After that, the 50-day moving average at $46,800 and the 200-day moving average at $45,000 will likely be the next levels to watch out for.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 90.4% | 4 | $26 218.55 | -0.02% | -3.59% | $511 196 515 031 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 94.4% | 6 | $1 597.25 | 0.52% | -1.97% | $192 043 804 309 |  |
|
| 3 |  USDT |
Tether predictions | 92.8% | 1 | $0.999393 | -0.02% | -0.07% | $83 216 323 348 |  |
|
| 4 |  BNB |
Binance Coin predictions | 91.6% | 4 | $212.39 | 0.21% | -1.59% | $32 675 571 293 |  |
|
| 5 |  XRP |
XRP predictions | 91.6% | 8 | $0.500834 | -0.45% | -3.34% | $26 667 020 059 |  |
|
| 6 |  USDC |
USD Coin predictions | 93.6% | 1 | $1.000140 | 0.01% | 0% | $25 526 084 558 |  |
|
| 7 |  STETH |
Lido stETH predictions | 95.6% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 8 |  WTRX |
Wrapped TRON predictions | 85.6% | 16 | $0.085027 | 1.22% | 0.41% | $8 645 259 106 |  |
|
| 9 |  ADA |
Cardano predictions | 90% | 10 | $0.243860 | -0.68% | -4.34% | $8 566 448 827 |  |
|
| 10 |  DOGE |
Dogecoin predictions | 91.6% | 6 | $0.060530 | -0.04% | -2.87% | $8 545 665 488 |  |
|
| 11 |  SOL |
Solana predictions | 84.8% | 23 | $18.95 | -1.50% | -6.08% | $7 822 537 875 |  |
|
| 12 |  TRX |
TRON predictions | 85.6% | 20 | $0.085393 | 0.76% | 0.94% | $7 608 230 077 |  |
|
| 13 |  TON |
Toncoin predictions | 58.8% | 86 | $2.17 | -0.32% | -11.65% | $7 436 545 214 |  |
|
| 14 |  DAI |
Dai predictions | 91.2% | 1 | $0.998858 | -0.10% | -0.08% | $5 341 779 536 |  |
|
| 15 |  DOT |
Polkadot predictions | 85.2% | 16 | $4.00 | -0.40% | -2.74% | $4 914 191 326 |  |
