Calls for Bitcoin Breakout Above $50,000 Grow; 3 Reasons Why

EviBWGuVcAEmH7M 980x606

A recent runup in the Bitcoin market has prompted many analysts to see BTC/USD pair closing above $50,000 in the coming daily sessions. The market strategists see the pair doing extensively well despite the sell-off that crashed its prices by more than 21 percent last week—its worst weekly performance since March 2020. This renewed optimism comes on the back of a flurry of supportive technical and fundamental catalysts. Here are three among them: #1 Those Bitcoin Whales Return Ki-Young Ju, chief executive officer at CryptoQuant—a South Korea-based blockchain analytics firm, highlighted a spike in whale activity on the Bitcoin network in a tweet published earlier Wednesday. The analyst alerted that the outflow of more than 10,000 BTC per block from Coinbase, a US-based cryptocurrency exchange, has surged. He added that larger transactions from Coinbase wallets typically end up in the custody addresses for over-the-counter transactions. “Whales [are] accumulating BTC,” wrote…

Read the original article here