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 | 72% | 48 | $28 164.10 | 0.33% | 13.02% | $544 261 794 571 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 81.6% | 31 | $1 787.94 | 1.35% | 5.81% | $218 797 673 934 |  |
|
| 3 |  USDT |
Tether predictions | 92.4% | 1 | $1.001512 | 0.02% | -0.33% | $77 553 405 398 |  |
|
| 4 |  BNB |
Binance Coin predictions | 78% | 46 | $324.78 | -3.14% | 5.19% | $51 279 077 061 |  |
|
| 5 |  USDC |
USD Coin predictions | 90.8% | 2 | $0.998760 | 0.04% | -0.12% | $35 199 682 488 |  |
|
| 6 |  XRP |
XRP predictions | 86% | 15 | $0.444871 | 13.53% | 20.20% | $22 666 568 541 |  |
|
| 7 |  HEX |
HEX predictions | 60.8% | 80 | $0.103499 | 4.55% | 25.69% | $17 947 941 823 |  |
|
| 8 |  ADA |
Cardano predictions | 76% | 51 | $0.371437 | 9.28% | 9.72% | $12 895 992 999 |  |
|
| 9 |  STETH |
Lido stETH predictions | 94.4% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 10 |  MATIC |
Polygon predictions | 73.2% | 48 | $1.14 | 1.42% | -3.43% | $9 978 105 668 |  |
|
| 11 |  DOGE |
Dogecoin predictions | 74% | 55 | $0.074846 | 3.43% | 1.71% | $9 929 845 913 |  |
|
| 12 |  SOL |
Solana predictions | 70.4% | 56 | $22.51 | 0.16% | 8.87% | $8 635 954 598 |  |
|
| 13 |  BUSD |
Binance USD predictions | 96% | 1 | $1.000029 | 0.05% | 0.02% | $8 119 915 835 |  |
|
| 14 |  DOT |
Polkadot predictions | 75.2% | 50 | $6.26 | 1.54% | 0.77% | $7 311 391 259 |  |
|
| 15 |  WTRX |
Wrapped TRON predictions | 82.8% | 22 | $0.066579 | 3.00% | 0.41% | $6 769 516 188 |  |
