Top Analyst Predicts BTC Will Rise to $49K, Here’s Why
Bitcoin (BTC), the world’s largest cryptocurrency, has made a strong comeback after recent major price declines. Bitcoin’s value is approaching $42,000 again after falling below $39,000 at the beginning of the week. Additionally, a famous crypto analyst made an optimistic prediction for the Bitcoin price in the short term.
Will Bitcoin Reach $49,000 Soon?
Crypto analyst James Van Straten suggested that Bitcoin price could rise above $49,000 for the second time after ETF approval. He noted that stablecoin rotation could accelerate this bullish rally. Additionally, Straten noted that a slight rotation in stablecoins sent Bitcoin to $42,000 on Friday, January 26.
Bitcoin Stable Coin Supply Rate (SSR) Oscillator, Source Glassdoor
Therefore, he believes that the stablecoin rotation could single-handedly push the BTC price above $49,000 in the coming days. He also stated that inflows from Spot Bitcoin ETFs will also play an important role in Bitcoin’s recent recovery. According to Crypto Quant data, the Bitcoin Stablecoin Supply Rate (SSR) fell to 11.22 on Thursday from 11.28 the day before, which could have triggered bullish sentiment due to potential buying pressure.
However, Bitcoin SSR jumped to 11.70 on Friday, indicating that selling pressure could lead to a possible correction in the short term. On the other hand, Bitcoin price increases are not affected by the downward trend for now.
Also Read: Bitcoin Price Crossed $41K on Friday, Can BTC Rise to $43K This Weekend?
Bitcoin Price Today
Bitcoin touched the $42,000 level on Friday but failed to sustain it. Additionally, BTC price moved further away from this level as daily gains fell from over 5% to just over 2%. At the time of writing, BTC price increased by 2.41% and traded at $41,747.53 on Saturday, January 27.
Moreover, the cryptocurrency has a unique market cap of $818.73 billion, up 2.39%. Additionally, Bitcoin’s 24-hour trading volume increased by 14.74% to $23 billion. However, the value of the largest cryptocurrency is still well below the day’s high of $42,209.39.
TradingView, on the other hand, measures moving averages, suggesting a ‘buy’ signal for Bitcoin. According to TradingView statistics, Bitcoin price is trading above the 10-day and 50-day EMAs of 41745 and 41262, indicating a bullish trend.
Also Read: Bitcoin Reveals Cautionary Story Ahead of Halving With Drops and Recovery
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