Bitcoin Surges Past $46,000, Eyes $50K

Bitcoin Regains $46K Level

• Bitcoin (BTC) has surpassed $46,000 for the first time since January 11.
• BTC increased 3.4% to $46,075 in the previous day, with a 6% increase over the past week.

Bullish Sentiment Returns

• Bitcoin’s 2022 started rough, despite the approval of several ETFs meant to strengthen its institutional legitimacy.



• Laurent Ksiss, a specialist in crypto ETPs, suggests that breaking the $45,000 mark could bring early BTC ETF investors close to profitability.
• However, this momentum might lead to profit-taking, potentially triggering a reversal and testing the $42,000 to $40,000 level.

Grayscale’s Impact on BTC Price

• The price of BTC experienced a decline after the introduction of 10 ETFs in January.
• Grayscale’s transfer of significant portions of their cryptocurrency to Coinbase contributed to the price drop.
• Investors eager to cash out their shares when it became an ETF in January further impacted the price.

Large Holders Drive Bitcoin’s Rise

• Grayscale’s sell-off appears to have ended, and Bitcoin is rising again, partly due to large holders acquiring the asset.
• Markus Thielen, head of research at Matrixport, predicts Bitcoin will reach $48,000 soon, driven by gains during the Chinese New Year festival.
• Historically, Bitcoin has increased by more than 10% around Chinese New Year, making the next few days statistically significant.

Bitcoin Poised to Hit $50K

• LMAX Digital anticipates Bitcoin to continue rising, possibly reaching $50,000.
• Thielen projects further upside for Bitcoin, aiming to reach $52,000 by mid-March.