Bitcoin Price:At ‘Do or Die’ Moment, Here’s When and Why Bitcoin Price Poised For 50k!

The Bitcoin (BTC) price crashed recently as the expectations for Federal Reserve’s biggest interest rates hikes in 3 decades to curb inflation, and investors grow more risk averse. However, a series of data suggest that a rebound in BTC price is soon ahead. 

BTC Outflow from CEX Rises Indicating BTC Accumulation

From Glassnode’s Balance on Exchange with Significant Outflows, we can see that BTC has recently been in simultaneous outflows across some major exchanges including Coinbase, Binance, Gemini, etc. Approximately $2.1 billion worth of BTC moved away from exchanges, compared to the inflows of $1.2 billion. The surge in BTC outflows from centralized exchanges (CEX) suggests that the BTC market is in accumulation mode. 

As highlighted, after the bull market outflows from Coinbase between Quarter 4 2020 to Quarter 1 2021, BTC skyrocketed to $65K. If history repeated, we could see another bullish run in Bitcoin price in the following months. 

BTC Whales is Buying The Dip

The Accumulation Trend Score is Glassnode’s latest tool to track the relative on-chain balance change of the market at large. When the value is closer to 1 (purple), it indicates that whales and/or a large proportion of market entities are buying BTC to add their balances. We can notice that the value is going upwards, which also means a general trend of accumulation by whales is ongoing.

Will BTC Break Above $50,000?

According to Bexplus’s analytic Justin Kwok, from the 4H chart, BTC found support at $43,000 mark as well as the Fib 38.2% level, which is also a resistance in mid-March. The Relative Strength Index (RSI) has also moved below the oversold level, while MACD’s negative histogram is shrinking. We can predict that BTC price will perform a bounce. If BTC price attempts to break above 23.6% Fib level ($44,700), the next major resistance will be $50,000. 

Grasp the Trade Opportunities and Earn More BTC

If you want to get more gains during the upcoming BTC price bounce, BTC futures trading is a good instrument. BTC futures trading enables traders to buy/up or sell/down BTC with leverage. 

Here take 100x leverage as an example. As we predict the BTC price will rise above $50,000, then you open a 100 long position when BTC prices at $43,500 now. If BTC did rally to the target price, you will get the profit of ($50,000 – $43,500) * 100 BTC / $50,000 = 13 BTC. Notice that you just invest in 1 BTC to earn 13 BTC as return with only $6,500 fluctuation. 

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