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Bitcoin breaks above 50k as cryptosphere crows, bulls look to maintain positive momentum

Kitco Media
By Ernest Hoffman
Published
Updated
Kitco News
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Bitcoin breaks above 50k as cryptosphere crows, bulls look to maintain positive momentum teaser image

(Kitco News) - Bitcoin took off like a rocket to start the week, with the top crypto seeing a bullish run from $47,941 at 9 am EST all the way up to $50k by 11 am, gaining over 2.5% during that time and hitting a two-year price high.

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The breakout rally has the cryptosphere abuzz, as many were predicting a prolonged period of consolidation ahead of the halving in April, while other pointed to the growing impact of positive ETF flows as the catalyst for the rally.

“It's official,” wrote analyst Rekt Capital on X. “The Pre-Halving Downside period is over.”

“No big correction coming. This is pre-halving accumulation,” wrote Stockmoney Lizards, and shared the following chart of Bitcoin’s projected performance ahead of April.

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Bitcoin magazine, for their part, had fun with the failed predictions of Bitcoin’s firm resistance.

 

“Bears on life support rn,” posted the Kraken Exchange in a demonstration that brevity remains the essence of wit.

Bitcoin pulled back to support in the $49,500s but looks poised to make another run as it just broke above 50k for the second time at 12.17 pm EST when this was written.

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Kitco Media

Ernest Hoffman

Ernest Hoffman is a Crypto and Market Reporter for Kitco News. He has over 15 years of experience as a writer, editor, broadcaster and producer for media, educational and cultural organizations. Ernest began working in market news in 2007, establishing the broadcast division of CEP News in Montreal, Canada, where he developed the fastest web-based audio news service in the world and produced economic news videos in partnership with MSN and the TMX. He has a Bachelor's degree Specialization in Journalism from Concordia University. You can reach Ernest at 1-514-670-1339.

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