Crucial factors to watch following Bitcoin’s most recent attempt at breaking $50,000 ⋆ ZyCrypto

Meanwhile, Joseph Young is following a more bullish trail. The analyst who had previously predicted the $48,000 Bitcoin price break expects that a continuous upside swing could send Bitcoin to $56,000 or even higher in the near term.

His tweet reads;

|5ae598bbd94fcf49bd9a11533f586d9c|

Bitcoin’s price rally has been linked to the rise in institutional interest, which is credited as a key propeller in the asset’s upsurge. The recent price surge comes after Morgan Stanley, a leading global investment firm and wealth manager, with about $150 million under its management, announced that it was considering adding cryptocurrencies to its collection of investment assets. The institutional investment galore has played a major role in triggering a seemingly endless price pump for the benchmark asset.

A while ago, Elon Musk’s $1.5 billion Bitcoin investment, along with the disclosure that the billionaire’s car company Tesla is considering accepting payments in Bitcoin, triggered a much-needed price pump. The devaluation of the USD and the imminent FOMO caused by the mass acquisition of Bitcoin by traditional firms has the potential to drive institutional adoption, which could send Bitcoin prices to higher levels in the long run. Analyst Josh Rager asserts the possibility of this in a recent tweet which reads;

|41b536feda9b2a1b70121434f5b8284a|

The altcoin market has also recorded its share of ATH over the week. ETH is poised for a breakout to $2,000, while XRP, LINK, and a handful of altcoins continue to record new highs, almost on a daily basis.