Top Analyst Predicts BTC To Jump $49K, Here’s Why

Bitcoin (BTC), the world’s largest crypto, has made a strong comeback after major price declines lately. Bitcoin’s value is nearing the $42,000 mark again after it dropped below $39,000 earlier in the week. Moreover, a renowned crypto analyst has made an optimistic prediction for the Bitcoin price in the short term.

Will Bitcoin Touch $49,000 Soon?

The crypto analyst, James Van Straten, suggested that Bitcoin price could touch the high of $49,000 for the second time after ETF approval. He noted that stablecoin rotation could propel this bullish rally. In addition, Straten stated that a slight rotation from stablecoins sent Bitcoin to $42,000 on Friday, January 26.

Therefore, he believes that stablecoin rotation could alone push the BTC price over $49,000 in the coming days. Furthermore, he mentioned that inflows from Spot Bitcoin ETFs would also play a prominent role in Bitcoin’s recent rebound. According to Crypto Quant data, the Bitcoin Stablecoin Supply Ratio (SSR) fell to 11.22 on Thursday from 11.28 a day ago, which could have spurred a bullish sentiment due to potential purchase pressure.

However, the Bitcoin SSR jumped to 11.70 on Friday, which indicates that a selling pressure could lead to a possible correction in the short term. On the other hand, the Bitcoin price gains haven’t been affected by a bearish turn as of now.

Also Read: Bitcoin Price Zooms Past $41k On Friday, Can BTC Rally To $43k This Weekend?

Bitcoin Price Today

Bitcoin touched the $42,000 mark on Friday but couldn’t sustain it. In addition, the BTC price distanced further from the level as the daily gains slumped from over 5% to a little more than 2%. At the time of writing, the BTC price was up by 2.41% and traded at $41,747.53 on Saturday, January 27.

Moreover, the crypto boasts an unmatched market capitalization of $818.73 billion, up by 2.39%. Furthermore, the 24-hour trade volume for Bitcoin displayed an increase of 14.74% to $23 billion. However, the largest crypto’s value is still fairly below the day’s high of $42,209.39.

On the other hand, the TradingView moving averages meter suggests a ‘buy’ signal for Bitcoin. According to the TradingView stats, the Bitcoin price is trading higher than its 10-day and 50-day EMAs of 41745 and 41262, indicating a bullish sentiment.

Also Read: Bitcoin Revealed a Cautious Pre-Halving Tale With Dips And Recovery

✓ Share:

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.