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Bitcoin At $50K! What's Next?

What Drove This Rally?

Author

Alpha 12 Team
February 13, 2024

Market Overview:

Bitcoin has officially hit $50,000 for the first time since 2021.

For the past five Alpha 12 editions, we have been telling you to expect a Bitcoin pump around the middle of the month as China was expected to inject liquidity at the start of Lunar New Year, which was on February the 10th.

As you’d expect, all technical trending indicators and strategies have flipped positive in concert.

The effects of the liquidity injections have not fully been reflected in price, which is why we expect further upside.

At the same time, some metrics suggest we should have some caution and expect a short-term pullback.

  • In particular, a highly powerful TradingView indicator which leads Bitcoin price by a few days (upgrade to reveal) and which predicted last week’s pump, suggests there will be a pullback in price.

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