Bitcoin (BTC) held over the $47,000 mark during the European hours on Monday following a surge from Sunday’s $44,700 level, leading to a broader recovery and a 5.4% addition or $100 billion to the overall capitalization of the crypto markets, in the past 24 hours.

Some funds attributed bitcoin’s surge to demand generated by Luna Foundation Guard (LFG). The LFG intends to accumulate $3 billion in bitcoin as a reserve for TerraUSD (UST), a stablecoin pegged to the U.S. dollar, and has purchased $125 million worth of the asset multiple times in the past week.

Major cryptocurrencies displayed gains after over two weeks of staying flat. Solana’s SOL jumped as much as 14%, with similar gains seen on Shiba Inu’s SHIB and Polkadot’s DOT tokens. SOL set monthly highs of $110, data show, while SHIB was in touching distance of its monthly highs of $0.00002788.

SOL

SOL could see resistance at $120. (TradingView)

A jump in SOL prices made it costly for traders betting against higher prices of the asset. Data show nearly $30 million in liquidations occurred on SOL-tracked futures. Bitcoin futures racked up $172 million in losses, the most among all cryptocurrencies, while ether futures followed with $139 million.

The losses added to nearly $455 million in overall liquidations in the crypto market. Liquidation occurs when a trader has insufficient funds to keep a leveraged trade open.

Traders say $50,000 is the next target for Bitcoin

Analysts cautioned against euphoric sentiment for bitcoin as sentiment indicators suggested a correction could be on the cards.

“The Crypto Fear and Greed index has reached 60 which is classified as Greed – the last time it reached this level Bitcoin was around $60,000,” explained Marcus Sotiriou, analyst at crypto broker GlobalBlock, in an email to CoinDesk. The fear and greed index calculates investor sentiment, with “greed” readings leading to a high probability of an imminent correction and “fear” readings preceding a period of the uptrend.

But Sotiriou expects prices to move much higher in the coming days. “Bitcoin is facing heavy resistance, but if it is able to hold above the $46,000 level (which roughly marks the yearly open) for several days, I expect a move to $52,000, which is the next key resistance,” he said in the email.

Chart

Bitcoin could see sell pressure above $48,000. (TradingView)

Several other analysts shared similar price targets for Bitcoin.

“A sustenance of the current growth track can push the price of BTC above $50,000 before the end of the week and between the $50,000 to $55,000 range before mid-April,” said Alexander Mamasidikov, co-founder of mobile digital bank MinePlex, in a Telegram message.

Vasja Zupan, president of Matrix Exchange, seconded that sentiment. “It could be a sign that markets are beginning to recover from the initial shock of the Ukraine war,” he said in a Telegram message. “Bitcoin will disconnect from the tech stock markets and serve as a hedge in an inflationary environment as digital gold. The first goal is $50,000.”

Crypto entrepreneurs like Zupan are back to much higher estimates of bitcoin’s future prices. “I wouldn't be surprised if we hit 100k before the end of the year, regardless of the geopolitical situation,” he said.


All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin: Retraces to around $75,000 after hitting new all-time high

Bitcoin: Retraces to around $75,000 after hitting new all-time high

Bitcoin (BTC) edges slightly down on Thursday and trades at around $74,900 after hitting a new all-time high (ATH) of $76,400 on Wednesday, buoyed by the victory of the crypto-friendly candidate Donald Trump in the US presidential election.

More Bitcoin News
Ethereum price jump spurs most significant ETF inflows in six weeks

Ethereum price jump spurs most significant ETF inflows in six weeks

​After a positive momentum in crypto markets following the outcome of the US presidential election, spot Ether exchange-traded funds (ETFs) in the United States saw their highest inflows in six weeks.

More Ethereum News
Top trending meme coins PEPE, BONK, and FLOKI achieve double-digit gains following Trump’s victory

Top trending meme coins PEPE, BONK, and FLOKI achieve double-digit gains following Trump’s victory

The prices of top trending meme coins Pepe (PEPE), Bonk (BONK) and FLOKI (FLOKI) experienced double-digit gains following Trump’s victory on Wednesday. The technical outlook suggests that the three meme coins hover around key levels, and the breakout could push these coins higher.

More Crypto News
SUI hits new all-time high fueled by Trump election win

SUI hits new all-time high fueled by Trump election win

Sui (SUI) edges down on Thursday and trades at around $2.24 after hitting a new all-time high (ATH) of $2.38 earlier in the day, buoyed by the victory of a crypto-friendly candidate, Donald Trump, in the US presidential election.

More SUI News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP