Bitcoin (BTC) Traders Set Price Prediction at $50,000, Here's Why

According to on-chain analysis tool Santiment, Bitcoin's (BTC) rise to $48,000 has sparked euphoria among market traders. In the last seven days, the price of BTC has increased by 13%, leading traders to speculate on the support and resistance zones of the coin.

According to the publication, traders were anticipating Bitcoin to rise to $50,000 in the coming days. This projection was evident in the social domain of the words “Bitcoin” and “50k.” Social dominance measures the extent of discussion that an asset or phrase has on different social channels.

📊 #Bitcoine's 13% price rise over the past week has led traders to speculate on numerous new support and resistance milestones, with#50Kwidely anticipated. Ironically, as these price levels were surpassed,#altcoinflipped the script in the opening hours of the

(Cont.) 👇 pic.twitter.com/t5pDvSLGKe

– Santiment (@santimentfeed) February 10, 2024

BTC bullish thesis continues to grow

At the time of this publication, Bitcoin's social dominance was 4.14%, meaning it had the highest share of discussion among the top 100 cryptocurrencies. Additionally, the social dominance of the phrase "50k" increased to 0.31%.

Bitcoin's movement in the daily period showed that the coin had the potential to reach $49,000 again. Using the Supetrend indicator, BTC showed a buy signal when the price jumped above the red region.

Normally, if the red part of the Supertrend is above the BTC price, it would have suggested a sell signal. Furthermore, the green zone of the indicator was also below the price of Bitcoin, confirming that the momentum favored a bullish thesis.

Should BTC break above $48,000 once again, Bitcoin could add another 15% rise. Bitcoin could change hands around