Bitcoin continues to shake off any bearish sentiment as it has once again topped $50k, reaching as high as $52k before the smallest pullback at the time of writing.
This target being hit could indicate that we are about to experience another significant surge in price and see us enter another ‘bull run’.
John Ng Pangilinan, the managing partner at Singapore-based Signum Capital, recently told Coindesk that he believes the correction looks to have ended with this latest rise to $50k.
The Psychology Of $50K
Breaking this price is essential for how some people feel about the health of Bitcoin. Although true believers of crypto know this to be inevitable the fact is traders and newcomers to the market get scared and sell because they fear that we could have potentially seen even more pullback instead of recognizing it as a potentially great opportunity to buy.
If we experience a 10% rise we will be back near what Bitcoin peaked at a few weeks ago which should make people believe in the power of Crypto more than ever before.
The fact that any market can eat up a 30% pullback in such a short amount of time shows the demand and belief in the asset are huge. This would occur to any asset in the history of the stock market so Crypto should be no different.
Matthew Dibb, COO, and co-founder of Stack Funds say that he remains incredibly bullish over Bitcoin but doesn’t roll out the chance that we will see a lot of volatility in the short term.
“From a fundamental perspective, we are still at the mercy of macro markets. Knee jerk reactions in the bond market and volatile equities may continue to prove ‘risk off’ correlations with Bitcoin, We remain extremely bullish but would not be surprised to see further volatility in the short term.”
