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Despite Bitcoin recently correcting to below $30,000, optimism remains high that the leading cryptocurrency will rise once again. Analysts are now setting their sights on $50K for Bitcoin as market sentiment shifts bullish.

Currently, Bitcoin is trading at $29,725, having recently reached its highest price in over a year. At the beginning of July, the price touched $31,860, creating a higher high and signalling the bear markets end.

TradingView analystAlanSantanarecently highlighted that the current consolidation zone is similar to that in June 2022, before Bitcoin plunged to lows of $18,900.

The analyst highlighted that in June 2022, it took a month before support broke, causing a significant downside move. This time around, the analyst forecasts it will take a month to break to the upside.

Meanwhile, Stockto-Flow quant analyst,Plan B, forecasts Bitcoins price will reach $50Kin the run-up to the Bitcoin halving, set to occur in April 2024.

Plan B backed up the claim using the 200-week moving average, showing that Bitcoin is now trading above it. According to the trader, this signifies that the bear market is now over.

Looking beyond technical analysis, Bitcoin fundamentals are progressing at an exponential rate. Following Blackrock and other institutional money managers applying for Bitcoin Spot ETFs, the SEC has since accepted six proposals for review.

According to Michael Saylor,spot Bitcoin ETFs are crucial for crypto to gain massadoption as banks and institutions provide the infrastructure needed to onboard the masses.

Adding to the idea of mass adoption,Vitalik Buterin has outlined his efforts to bring forwards account abstraction, a process enabling users to manage their wallets as easily as their email accounts.

The plan would also help bolster Ethereum scalability, all while making the network easier to use. Buterin has teased that that changes could reduce costs by 100 times, which could have a very significant impact on the price of Bitcoin, Ethereum, and other major tokens.

Cryptocurrency has long been criticised for its complexity for the average user. However, this development moves the industry towards a seamless user experience, potentially driving prices to unprecedented heights.

Copycat cryptocurrencies are one of the hottest new trends, with the likes of XRP 2.0, Pepe 2.0, and $BITCOIN surging in recent weeks. While many of these are merely meme coins with no utility, a new Bitcoin-inspired utility coin is now turning heads.

BTC20is a new stake-to-earn crypto aiming to be the new Bitcoin. Currently, the project is undergoing a presale, priced at Bitcoins symbolic 2011 price of $1.

Despite launching just three days ago, the presale has gotten to a roaring start. It has already surpassed $400K and received mass coverage from media outlets and crypto analysts.

Like Bitcoin, there are 21 million tokens, with 6.05 million available at the presale. The remaining tokens will be available as staking rewards making the project 100% community owned and decentralised.

BTC20s main selling point is that it is the greener and more versatile version of Bitcoin. While Bitcoin has undergone success recently, it is not without criticism.

However, BTC20 is built on the Ethereum chain, making it interoperable with all other Ethereum-based applications.

Moreover, users can buy and manage it from their Ethereum wallet, like MetaMask or Trust Wallet. As such, once Ethereum implements its Account abstraction update, BTC20 will benefit from it too.

Also, BTC20 features a staking mechanism rather than mining. This makes the project environmentally friendly and easier to earn rewards than on the original Bitcoin network.

Overall, BTC looks to be one of the hottest tokens to watch over the coming months.

Visit the BTC20 Presale

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Bitcoin Price Prediction - Heres How It Could Hit $50K, While ... - Finbold - Finance in Bold