Ekta Mourya
FXStreet
Bitcoin price could recover from its recent pullback with several bullish updates across the BTC ecosystem. Many analysts are bullish on Bitcoin price and predict a run to $49,000.
Bitcoin price is on track to recover recent losses with a bullish turn of events. The Central African Republic, a landlocked African nation, announced its acceptance of Bitcoin as legal tender alongside the CFA Franc.
This decision is a watershed moment for BTC holders as CAR is the second nation in the world to adopt Bitcoin alongside its fiat currency. Lawmakers at CAR made the unanimous decision to welcome BTC and identified it as a legal method to make payments across the country.
Back in September, El Salvador’s announcement of recognizing BTC as legal tender in its country fueled a bullish sentiment among retail and institutional investors worldwide. Proponents expect CAR’s announcement to have a similar impact on Bitcoin price.
OFFICIAL: The Central African Republic has adopted #bitcoin as legal tender pic.twitter.com/f8ft3sh0Va
Currently, two other catalysts are driving the Bitcoin price. Fidelity Investments, an American brokerage firm, revealed plans to roll out Bitcoin investing for 401(k). MicroStrategy, famous for its aggressive Bitcoin accumulation, announced plans to offer employees access to Bitcoin retirement plans through Fidelity’s service.
MicroStrategy looks forward to working with @DigitalAssets to become the first public company to offer their employees the option to invest in bitcoin as part of our 401(k) program.https://t.co/Za33yj82Qv
Another exciting investment product, a hybrid ETP that includes both Bitcoin and Gold, was launched by 21Shares; this could offer investors a hedge against inflation. 21Shares and ByteTree revealed BOLD ETP comprises 18.5% Bitcoin and 81.5% Gold.
Proponents believe the introduction of several Bitcoin-based and backed investment products in the market and the asset’s acceptance as legal tender are significant events that could contribute to a price hike in BTC.
@TATraderAlan_, a crypto analyst and trader, believes Bitcoin price is in the last step before breaking out in a massive uptrend. The analyst has set a bullish target of $49,000 for the Bitcoin price. At time of writing, BTC/USD is trading at the $39,000 area.
Extremely Similar Structure
❇️ ❇️ RED CANDLE APPEARS ❇️ ❇️
We are in the FINAL step before $BTC BULL RUN
RT Appreciated
On-chain Data ✅
Crypto News ✅
Traders Sentiment ✅
TA Indicators ✅
Market Structure ✅
WE ARE READY pic.twitter.com/1eYbfK5rpR
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ApeCoin price is still headed north, but the technicals should be analyzed thoroughly to maximize potential profit. APE is currently trading at $19,80. Traders should expect a slight pull back into the $19.40 zone before an additional run-up towards $23.
Solana price could fall towards $80 to grab liquidity as the bulls have yet to show any interest in the $97 price levels. To create a climatic downslide, market makers could entice traders to open long positions in the coming weeks.
Cardano price continues the downslide path as the bears have printed a bearish engulfing through a significant Fibonacci level. Bulls still involved are at high risk for a "sweep the lows" capitulation event.
Zilliqa price shows hopeful signs for scalpers looking to catch a short-term trade. The current C leg has three sets of impulses within the move, which could be early evidence of its termination.
Bitcoin price reveals an opportunity to buy as it stoops to crucial support levels. This downswing looks to be a ploy from market makers to purge the sell-side liquidity before triggering an uptrend.
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